My house was purchased in joint tenancy a couple of years ago, so basically my house was owned 50% by me and 50% by another individual. Last year I took out a HELOC and used the proceeds to purchase the 50% owned by the other individual. The other individual signed a quit-claim and now I own 100% of my house. Since the HELOC proceeds were used for something related to my house (purchase of another person's share), can I deduct the interest I'm paying on the HELOC?
