Is HELOC Interest NotTax Deductble If Used To Purchase Property?

[William Coet]

Hello,
When using a HELOC to purchase another property is the interest not tax-deductible?  I read that the interest is only tax deductible when used for improvments to the property used for the HELOC.
We are trying to weigh the benefits of using a mortgage vs. a HELOC

Thanks!

[Justin Phillips]

@William Coet The interest is deductible if it's for a property or property improvements. 
So if you open a HELOC to purchase another property, I would definitely write that off, as it's really mortgage debt. If you use a HELOC to buy a boat...don't write that off.
Disclaimer: I'm not a CPA, just a huge proponent of HELOCs as a REI tool!