"ed" <edcosoft[at]sbcglobal.net> wrote:

- quote -

no, he is asking if he can deduct real HELOC interest paid
after he moves his balance from his 0% credit card to his
7%+ HELOC.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

What are you going to deduct on a 0% loan?. The reduction
in HELOC interest is something you DIDN'T spend. How can
you deduct that?

What you are doing should be advantageous enough that you
not get a IRS subsidy for it also.

ed

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Only if the credit card co. holds a mortgage on your home.

Missy Doyle

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

As all Home Owners with HELOC would have realized by now
that the Variable Interest on their HELOC is just
stunning...last month (June 2005) 7.37%.

I got an Offer from Credit Card difficult to refuse...0% APR
for 15 months. I took it and transferred some money from the
HELOC loan to the Credit Card.

My plan is to pay off credit card again after 14 months with
my HELOC and in the meantime get the balance on my HELOC
reduced.

My concern is: Will I be able to take TAX DEDUCTIONS for the
balance I transfer from my credit card to HELOC? I am not
planning to use this credit card for any other purchases.

Please let me know.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >