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HELOC Loan Tax Question
Posted on 7/21/16 at 2:08 pm
Posted on 7/21/16 at 2:08 pm
This post was edited on 6/20/22 at 12:27 pm
2
Posted on 7/21/16 at 2:30 pm to CRope28
Depends on what you are using it for?
Posted on 7/21/16 at 2:43 pm to CRope28
yep
Posted on 7/21/16 at 5:51 pm to MasCervezas
(no message)
This post was edited on 6/20/22 at 1:43 pm
Posted on 7/21/16 at 6:04 pm to CRope28
Yeah, doesn't matter what the purpose of it is.
Posted on 7/21/16 at 7:05 pm to MasCervezas
If you pay AMT, you can only deduct the HELOC interest if the funds are used to purchase or improve a primary or secondary residence.
Posted on 7/21/16 at 7:18 pm to Bayou Tiger
I stand corrected 
Posted on 7/21/16 at 7:33 pm to CRope28
quote:
To get my heloc loan, I wasn't asked for what I was doing with the money.
So I take it this means I can deduct the interest?
You could use a heloc to buy a car, a HELOC is simply a loan using your house as collateral. If you are talking about using it for an addition or repair on your house then yes it is deductible.
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