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Returning Member
posted Jun 3, 2019 11:08:39 AM

If I withdrew $38,500 from joint HELOC in 2016 to payoff my ex as part of our divorce settlement is the interest deductible since i used it to buy out his ownership?

If I withdrew $38,500 from joint HELOC in 2016 to payoff my ex as part of our divorce settlement is the interest deductible since i used it to buy out his ownership?

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1 Best answer
Expert Alumni
Jun 3, 2019 11:08:40 AM

Since you the proceeds of the HELOC were used to "buy" your ex's share of the property, I would say the interest is deductible as it was used to purchase your home.

1 Replies
Expert Alumni
Jun 3, 2019 11:08:40 AM

Since you the proceeds of the HELOC were used to "buy" your ex's share of the property, I would say the interest is deductible as it was used to purchase your home.