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Subject Author Date
HELOC deduction for rental property way111 04-10-2008
Posted by way111 on April 10, 2008, 10:52 pm
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 In 2007, I used money from my HELOC to buy an investment property. The
amount put the balance of the HELOC over $100,000.

I know that I have to allocate the interest from the HELOC
attributable to buying the rental on schedule E.

I use a tax program (TaxAct) and file online.

How to I indicate that some of the interest on the 1098 for the HELOC
is in schedule E and some is on schedule A? If I was filing paper I
could attach an explanation.

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Posted by removeps-groups@yahoo.com on April 11, 2008, 8:43 pm
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 On Apr 10, 7:52 pm, way...@gmail.com wrote:

> In 2007, I used money from my HELOC to buy an investment property. The
> amount put the balance of the HELOC over $100,000.

Did you use all of the HELOC loan to buy the rental? Did you use any
of the HELOC for improvements to your home, buy a car, take a
vacation, or buy tax free bonds?

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by way111 on April 12, 2008, 3:50 pm
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> Did you use all of the HELOC loan to buy the rental? Did you use any
> of the HELOC for improvements to your home, buy a car, take a
> vacation, or buy tax free bonds?
>

Current balance is about $130K. About $40K was used for the rental,
and the rest is mainly improvements to my home.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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