It depends. You cannot do so on your itemized deductions. However, these can qualify as Rental expenses. The Tax Cuts and Jobs Act eliminated the ability to deduct HELOC and other similar lines of credit interest payments on Schedule A unless the credit is used on the home itself (such as a home improvement). But since you bought a rental property, you may claim this interest against the rental. The Tax Cuts and Jobs Act did not change the deduction when the interest is used for business and can be deducted for the business use.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
