All Forum Posts by: Taylor Brugna

I’d suggest reaching out to @Jeff Copeland..best PM in the area and he knows how to work with investors very well! 

Another recommendation  for @Jeff Copeland , he’s the best around. 

@Jeff Copeland is highly recommended!

@Matthew Dunn I highly recommend @Jeff Copeland.  He specializes in multifamily as a PM and broker and is extremely responsive!   

@Oleg Krylov What matters is what you use the loan proceeds for. Check out interest tracing rules. If you are continuing to invest with the funds they are definitely deductible. 

@Tom Mitchell Basically if the property is used as a rental 50% of the time 50% of the tax will be deductible. This would be measured by numbers of days used as a rental. To make it a rental, just list it for rent. No business license is required for renting out a personal vacation home. You file these income/expenses on schedule E instead of schedule C if you are not providing substantial services (daily maid service, breakfast). 

@Amy Webber There's always a paper trail of where the loan funds are actually going. For example, your loan statement will show a withdrawal of 100k, and then a wire to close on a property or a deposit into your rental properties bank account would be sufficient evidence to show what the debt is being used for. From an accounting perspective, I would create a separate liability account for HELOC debt to keep track of what type of debt you have against the property. At the end of the year, you can then allocate interest proportionally to the amount of debt on each property or flip project, etc. Hope this helps!

@Chunyan Song Yes, if the interest is associated with the rental property it will still be deductible. Now, it's especially a good idea to use home equity to invest in your businesses.