Can the interest on a HELOC be deducted if the home is no longer your primary residence?

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Can the interest on a HELOC be deducted if the home is no longer your primary residence?

2006-12-28 07:44:56 · 2 answers · asked by sbrow 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

To add what the gentleman said above...

If you do use the house as rental property, you can write the interest off against the rental income on your Sch E.

2006-12-29 00:18:53 · answer #1 · answered by texascajun82 2 · 0⤊ 0⤋

It depends on how the home is currently used. Mortgage interest is deductible for a second home. If you rent the house to others and do not use it personally at least 10% as much as it is rented, it is not considered a second home for the mortgage interest deduction.

2006-12-28 19:12:30 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋