Are HELOCs on free and clear homes tax deductible? Can I deduct if I am on the loan but not on the t

My parents%26#039; home is free and clear. They are letting me borrow money from their HELOC to either pay off or pay part of my investment property.

1) Are HELOCs on free and clear homes used in this situation tax deductible?

2) The banks tell us my name can be added onto the HELOC even though it is not on the title of my parents%26#039; home. Can I deduct the interest myself in this situation?

Thanks!

Are HELOCs on free and clear homes tax deductible? Can I deduct if I am on the loan but not on the title?

only interest and points are deductible and then only if you have enough deductions to itemize

Are HELOCs on free and clear homes tax deductible? Can I deduct if I am on the loan but not on the title?

Whoa. Read the restrictions on deductibility carefully. HELOCs used to purchase, improve and repair home. That goes on Sch A.

Name must be on note for deductibility as you must be obliged to pay.

If this is for investment or rental property, then it%26#039;s Sch E probably.

Are HELOCs on free and clear homes tax deductible? Can I deduct if I am on the loan but not on the title?

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