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Investors & landlords
@refugio56 Yes, the mortgage interest is tax deductible on your Heloc Loan if you have used it to upgrade/update the property that secures the loan. However, If you have used the proceeds for other purposes other than upgrading or updating the loan, you can only deduct the interest on the proceeds that was used to improve/upgrade the home.
Please read this Turbo Tax link, written by Carl for further information.
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‎February 15, 2022
12:47 PM