Interest Payments on a HELOC

[Christian D.]

I had a tax question relating to a HELOC. I was recently given money via my parents from their HELOC to purchase an investment property (5 unit). They have no controlling interest in the property, and I purchased it under an LLC. My question is, since the HELOC is not in my name, but I will be ultimately making the payments (the repayment money will be funneled back through my parents bank account for the bank to take out every month), am I still eligible to take a deduction on the interest on the payments to the HELOC?

I've read that you can, but because the HELOC is not in my name I'd just like someone to shed some light on this.

Thanks,
Christian