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Updated over 6 years ago on .
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What are Tax law on HELOC
I live in California and want to pull out a HELOC to buy rental property what are the downsides of doing so as far as what will I be taxed on and a percentage rate for that
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Ashish Acharya
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
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#2 Tax, SDIRAs & Cost Segregation Contributor
- CPA, CFP®, PFS
- Florida
There is no tax. You don’t get taxed when you take out loans.
Most of the people have a question regarding the deductibility of the interest that your are going to pay on the heloc.
The interest will be deductible if you use the proceeds to buy a investment/business property.
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