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#1
04-12-2008, 07:50 PM
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 Re: HELOC deduction for rental property - quote - > Did you use all of the HELOC loan to buy the rental? Did you use any
Current balance is about $130K. About $40K was used for the rental,> of the HELOC for improvements to your home, buy a car, take a > vacation, or buy tax free bonds? 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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04-12-2008, 12:43 AM
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| Re: HELOC deduction for rental property On Apr 10, 7:52 pm, way...[at]gmail.com wrote: - quote - > In 2007, I used money from my HELOC to buy an investment property. The
Did you use all of the HELOC loan to buy the rental? Did you use any> amount put the balance of the HELOC over $100,000. 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. > << ------------------------------------------------------- > |
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#-1
04-11-2008, 02:52 AM
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| HELOC deduction for rental property 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. -- << ------------------------------------------------------- > << 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. > << ------------------------------------------------------- > |
| Tags |
| deduction, heloc, property, rental |
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