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April 8, 2022
Question

Partnership LLC

  • April 8, 2022
  • 1 reply
  • 0 views

Borrowed on a HELOC to finance a partnership business. All the funds were used for the business.  Is the interest expense deductible in full or must it be offset by the business income or whatever?

Additionally, if it is limited, will that portion be carried forwarded to subsequent years?

1 reply

AliciaP1
April 8, 2022

If the money from the HELOC was not used to make improvements to your home, you cannot deduct the interest.

 

See HELOC for more information.

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