topic I have a heloc loan secured by my primary home. It was used to buy an investment home. Can I still deduct the interest on this heloc loan for 2018 taxes? in Deductions & credits

I have a heloc loan secured by my primary home. It was used to buy an investment home. Can I still deduct the interest on this heloc loan for 2018 taxes?

Anonymous — Wed, 05 Jun 2019 00:47:33 GMT

No, this is not deductible as a mortgage expense. Howeve...

Vanessa — Wed, 05 Jun 2019 00:47:35 GMT

No, this is not deductible as a mortgage expense. However, this would be able to be added to the carrying cost of the investment home or if this home is for rent, you would be able to include it as a rental expense.

Thank you

Anonymous — Wed, 05 Jun 2019 00:47:36 GMT

Thank you

@TurboTaxVanessaIA - If I move out of the primary that t...

cchn112 — Wed, 05 Jun 2019 00:47:38 GMT

@TurboTaxVanessaIA - If I move out of the primary that the HELOC is under and purchased a multifamily rental home. Would the HELOC from the primary used for down payment be qualified as rental expense (on the schedule E for the rental property) ?