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Updated 10 months ago, 03/14/2024
HELOC/AIO for Personal Use
My wife and I bought an investment property in 2021 that currently has an All In One (AIO) loan that we've used like a HELOC to buy other investment properties. The AIO is our only debt on the property and is in our personal name (not an LLC) as a requirement of the loan.
We are looking to do an extensive addition/remodel on our personal home, and given current rates, we are considering using the AIO loan to help pay for it.
Are there any tax implications or other considerations if we use this loan for our personal home project? Appreciate any insights!