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Updated over 5 years ago,
HELOC - Payoff with conventional loan, taxed?
We got a slight discount on a rental property with a cash offer. We are funding with a HELOC but quickly taking a conventional loan to payback the HELOC. Can we have the loan wired to the HELOC account directly or is the only option to have it wired to our personal account, opening us up to being taxed on the amount as income, before wiring to HELOC account?