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June 29, 2019
Question

HELOC Interest Deduction on Land Purchase

  • June 29, 2019
  • 1 reply
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I am considering tapping into my HELOC to purchase a vacant property adjacent to my primary residence. The vacant property would be improved as an extension of my garden. Would I be able to deduct the HELOC interest under the IRS' rule of "buy, build or substantially improve a taxpayer's home" to qualify for the deduction? Thank you

    1 reply

    MarvinSFAuthor
    June 29, 2019

    For clarification, the vacant property currently contains only a decrepit garage structure that I would like to convert to a garden shed.