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Question

Heloc used to Buy Primary Residence

Forum|Forum|1 year ago
July 5, 2024
1 reply
0 views

Hi,

I have a question about HELOC interest. I plan to use my HELOC to purchase another house that will become my primary residence. Can I deduct the interest on this HELOC for tax purposes.

Thanks in adavcne.

Not A Product Question

Employee

For the interest to be deductible. it must be used to buy, build or substantially improve the taxpayer’s home that secures the loan. Since the HELOC is not being used for the property that secures the loan, the interest it is not deductible.