HELOC tax advantages?

[John T.]

Hello BP:

We recently used a portion of our HELOC as a DP for our 2nd investment property. I'm reading that interest on a HELOC can be a tax deduction. Is this correct? Am I able to write off the HELOC (2nd investment DP) interest on my primary residence on our taxes (schedule E) for the 2nd investment property?

Thanks,

JT