Partnership LLC

[hero2]

Borrowed on a HELOC to finance a partnership business. All the funds were used for the business.  Is the interest expense deductible in full or must it be offset by the business income or whatever?

Additionally, if it is limited, will that portion be carried forwarded to subsequent years?

[AliciaP1]

If the money from the HELOC was not used to make improvements to your home, you cannot deduct the interest.

See HELOC for more information.