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Updated about 6 years ago on .
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Is my HELOC interest deductible for 2018?
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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@Andrey Y.
Interest needs to be traced to determine deductibility. Under interest tracing rules if used for business or investment then deductible.