Truly appreciate your very complete guidance!
I regret having missed out on the possible deductibility of the HELOC interest on the investment property account. Wish I had your guidance a few years ago. My CPA friend advises not to bother with correcting previous returns because it will most likely result in an audit of the tax return, and the headache and time wasted in the audit is not worth it unless the tax savings in correcting the previous return would be very significant.
