Question by Evan: Is a Home Equity Line of Credit or Home Equity Loan used to buy a second home tax deductible beyond 0,000?
Would a Home Equity Line of Credit or loan used to buy a home be considered a Home Aquisition Debt instead of a Home Equity Debt?
Best answer:
Answer by bostonianinmo
For HELO interest on principal beyond 0k to be deductible, the proceeds must be plowed back into the property pledged as security. If it’s used for any other purpose, the interest on the amount of the loan over 0k is non-deductible. To be considered as acquisition debt, the property acquired must be the security for the loan.
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A practical guide to home equity lines of credit (The Residential real estate handbook series)
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