@Carl - a year ago you seem to hold that HELOC interest on primary reported on 1098 is deductible to the extent it was used to fund rental income expenses (such as purchase or improvements).
"But not as mortgage interest against the rentals. Instead, as a rental expense for what the money was spent on."
Do you still agree with this?
How would you then allocate the funds if "not as mortgage interest". In my case, some of the funds were use at closing on purchasing the house, and some on improvements to get it ready to rent. FWIW, my property was also a like-kind exchange.
Thanks, and dissenting opinions welcome. Is this still a contentious issue. I am having trouble resolving it for myself.
