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Updated almost 4 years ago on . Most recent reply

Chalachew Mengistu's profile image
Chalachew Mengistu's profile image
Chalachew Mengistu
  • from Lilburn, Georgia
  • Member since Aug 22, 2015
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Chalachew Mengistu's profile image
Chalachew Mengistu's profile image
Chalachew Mengistu
  • from Lilburn, Georgia
  • Member since Aug 22, 2015
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Chalachew Mengistu
  • Lilburn, GA
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General Landlording & Rental Properties

Used heloc for down payment. Is the interest tax deductible

Chalachew Mengistu
  • Lilburn, GA
Posted

Hello BP family,

I have used my heloc, backed by my RESIDENTIAL property, to buy a rental investment property. I'm doing income and expense for this rental property for 2020 taxes. Is the interest paid on the heloc deductible towards the rental property's.

Thank you, 

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