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"The interest on a loan for money used to buy a rental property is an expense (deductible) for that rental property.
Does not matter if it's a HELOC on your primary residence, a loan secured by another property, or an unsecured loan. What matters is that you can show it was used for that investment."

foo1bar, very interesting. I'm no accountant but makes sense. Since the 1098 issued for HELOC would primary residence listed on it, would that cause any special IRS tax form?

For OP regarding HELOC: another downside of using a HELOC is the variable rate. In this rising rate environment, think you would be better off obtaining a mortgage or if possible: home equity fixed rate loan.
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