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

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Andrey Y.
  • Specialist
  • Honolulu, HI
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Is my HELOC interest deductible for 2018?

Andrey Y.
  • Specialist
  • Honolulu, HI
Posted

I am sure this was probably answered somewhere on this forum, but I was unable to find it.

I took out a HELOC for $51K, and have payed IO payment on it during all of 2018. Not sure exactly what I used this money for, since I had cash in several accounts and didn't specifically earmark this $51K for any specific investment. I know I didn't improve/CapEx in my own home (I rent where I live). But I did use it for investment purposes - such as investing in a property or an apartment syndication. Is this interest deductible on my 2018 taxes. Thanks for taking your Friday (and weekend) to answer my question!

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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
Replied

@Andrey Y.

Interest needs to be traced to determine deductibility. Under interest tracing rules if used for business or investment then deductible.

  • Lance Lvovsky
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