Interest on loan for HELOC

[Olivia Lovely]

I am curious if this community knows if the interest on a HELOC loan can be deducted on my tax filings if I use it to purchase property m- or is it only tax deductible if I use the money for my primary residence?

[Chris Seveney]

@Olivia Lovely

According to the link below, it’s only deductible if it’s used on the property the heloc is held on

So if you have a heloc on your primary residence and use the funds as a down payment on another property the interest is not tax deductible is how I interpret it

As always speak to your tax advisor

https://www.investopedia.com/mortgage/heloc/tax-deductible/