HELOC: Is interest deductible on primary residence?
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