Heloc and business interest

Could a heloc loan be considered a deductible interest expense if it it used to support a failing s corp of the shareholder

posted

No.

The Tax Cuts and Jobs Act of 2017 has prohibited the deduction of the interest of a loan secured by your home to the extent that the loan proceeds weren't used to buy, build or substantially improve your home.

Please read this IRS publication, page 1.

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Is interest deductible for HELOC (secured by primary residence) to build physically detached building on same property.Max timeframe from building to taking out HELOC?Thx

in Deductions & credits

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