HELOC = Home Equity Line Of Credit. I guess we could write a check for any purpose up to the limit and deduct the interest on Sch A. But we plan to only using the HELOC for business expenses for the condo and hope the interest would be deductible on Sch E.I am no expert, but I imagine your HELOC interest would be deductible against your income, and your HELOC funded business expenses would be deductible against your revenue.
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