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Updated over 6 years ago on . Most recent reply presented by

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Stacy Kiley
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Stacy Kiley
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Tax, SDIRAs & Cost Segregation

Used my HELOC to buy rental property. Is it tax deductible?

Stacy Kiley
Posted

Hello BP community! 

I recently used my home equity line from my personal residence to purchase a rental house. 

1. Can I use the interest as a tax deduction on my tax return? 

2. If yes then how do I know what portion of the HELOC is designated for the rental property as the loan gets paid down?

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Lance Lvovsky's profile image
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Lance Lvovsky
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Lance Lvovsky
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  • from Fort Lauderdale, FL
  • Member since Jun 5, 2013
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
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@Stacy Kiley Yes you can. Regarding deductible portion , you must follow the interest tracing rules. The portion used for business would be deductible under these rules
  • Lance Lvovsky
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