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Level 1
posted Feb 23, 2025 5:58:06 PM

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

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

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1 Best answer
Expert Alumni
Feb 23, 2025 6:08:44 PM

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

1 Replies
Expert Alumni
Feb 23, 2025 6:08:44 PM

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