Please run it using Turbo Tax software. How you filed tax?

Yes. My friend said there will be some schedule E loss limitation if you hit AMT.

Then, the only way is to do cashout re-fi from your main home and pay down rental house mortgage to reduct the rental loss. There are some draw back to do this too.

You can claim your main home $1M mortage loan amount interest and another $100K HELOC loan amount's interest in schedule A.

Any tax expert here? Please help this out!