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posted Jan 2, 2020 12:36:38 PM

Deductible Interest on HELOC used for investing in LLC I work for

I am thinking of using the proceeds from a HELOC to invest in an LLC I work for. Would the interest paid on the HELOC be deductible?

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1 Replies
Level 15
Jan 2, 2020 12:47:08 PM

No, the interest from the HELOC would not be deductible.

 

The interest on a HELOC is only deductible if it’s used to buy, build, or substantially improve your home and your total mortgage debt doesn’t exceed $750,000.