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Updated about 6 years ago,
Used HELOC from Main house to buy first rental property.
Hello BP community!
I recently used HELOC from my residence to purchase a rental house. Seller accept offer at 10/20, but it looks closing date will after 1/1/2019. Obviously, HELOC interest start from Nov., there are 2 month interest generated in 2018.
1. Can I use interest as a tax deduction on my personal tax return?
2. If not then how can I write off Heloc interesting from 2018 tax return?