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

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5
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2
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Melanie Pendrey
  • Rental Property Investor
  • Salt Lake City, UT
2
Votes |
5
Posts

Best way to use my HELOC when just getting started?

Melanie Pendrey
  • Rental Property Investor
  • Salt Lake City, UT
Posted

I'm interested in buying a 50k-100k property with my HELOC. But I'm not quite sure how things work best with taxes this way.

I plan on buying the property(s) in an LLC. Then have that in a holding company.

The idea is to put all of the rent back in to pay down the HELOC. Then withdraw through the HELOC whenever cash is needed (such as taxes).

From a tax standpoint will this work well writing off interest and anything else?

Any tax advice or suggestions would be appreciated.

Thank you

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