topic Home Equity Loan to purchase Mobile Home - Claim Interest from HELOC in Deductions & credits

Home Equity Loan to purchase Mobile Home - Claim Interest from HELOC

pgillianc — Mon, 24 Feb 2025 01:58:06 GMT

In 2023 I took out a HELOC to purchase a mobile home. This is a second home that I don't live in, but purchased for my sister. May I claim the $10,000 paid in interest in 2024 on my income tax return.

Thank you - Pamela

Re: Home Equity Loan to purchase Mobile Home - Claim Interest from HELOC

KrisD15 — Mon, 24 Feb 2025 02:08:44 GMT

No, the loan must be a lien on the property.

If you financed the mobile home, yes. If you took a HELOC on a different house and bought the mobile home, no.

IRS Pub 936