Tax deduction for rental property using Home Equity Loan
Hello BP. How do I interpret this - "According to the advisory, the new tax law suspends the deduction for home equity interest from 2018 to 2026 — unless the loan is used to “buy, build or substantially improve” the home that secures the loan." If I take out the home equity loan out of my primary residence and use that to pay cash for a rental property, can I claim tax deduction on the interest paid for home equity loan?