Can I deduct interest on a HELOC secured by my main home, and where 100% borrowed funds were used for restoring my second home, which is now full time rented (20% of year 2020)?

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Yes, you can deduct the interest on SCH E. Tracing rules apply.

See IRS Publication 535 Chapter 4 here for details and requirements.

No, not as home mortgage interest but Yes as interest expense on the rental.

The expenses would only be claimed for the time after it became a rental (was ready to be rented)

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