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No. of Recommendations: 2
you'll be able to fully write off the interest on your schedule E and cannot write off the interest if you take a HELOC on primary to buy a rental.

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.
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