Mortgage Interest Question.

i bought an investment property. the second loan was at 7.5%. since my primary residence heloc was at 4% i used it to pay off that second.
so do i count the interest payment on my heloc as interest payments on my primary res(which it actually is) or do i mention it as interest payment for the rental property(which is technically is) ?

Comments(1)

  • DaveT7th April, 2004

    Take a home mortgage interest deduction for your HELOC on Schedule A.

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