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Updated almost 5 years ago,
HELOC Interest paid on investment property tax deductible
With the new tax laws that have changed, I see that you can not write off interest paid on a HELOC on your "primary residence" unless it’s used for the repair, improvement or purchase of property. My 2 questions are,
1. On an "investment property", because it’s a part of the investment property's business expense, wouldn't any interest paid still be able to be written off, regardless of what I used the HELOC for? So if I paid off student debt, etc, It would still be an investment expense, allowing me to write off the interest expense, since our AGI is above the threshold to write off the student loan interest on its own.
2. If the interest on the investment property's HELOC is not able to be written off, would it make sense to consider an All In One loan instead (which is considered a 30 year note but is revolving simple ave. daily balance interest ) instead of the HELOC? I'm under the impression that all the interest on the AIO loan would be able to be written off.