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Investors & landlords
hi John, i saw your post on deducting primary HELOC interest when the HELOC was use to purchase a rental property. i agree with you that the irs rules says this interest is not deductible.
for me, i am using the primary HELOC to build an ADU on the same lot as my primary residence, would that qualify it as "improve primary residence" and hence the interest would be deductbile?
thanks for any pointer.
Frank
‎June 27, 2020
12:48 AM