Skip to content
Tax, SDIRAs & Cost Segregation

User Stats

7
Posts
0
Votes
John Hastie
  • San Diego, CA
0
Votes |
7
Posts

HELOC: Is interest deductible on primary residence?

John Hastie
  • San Diego, CA
Posted Jul 27 2015, 08:58

Hi

I live in California. I took out a HELOC on my primary residence and used the funds as a deposit on another property which then became my primary residence. The previous primary residence was converted into a rental property and a lien was recorded against that rental property for the HELOC.

At tax time, can I attribute the HELOC interest to my primary residence and claim the deduction?

TIA

KIWI

Loading replies...