You’d need to talk to a CPA about that one – the IRS has pretty specific rules about deducting home equity interest for business purposes and it gets messy real quick
That-Resort2078 on
Yes. You have to track the expenses. Draw funds from you HELOC directly to you Business Account. As you make HELOC payments, repay from your Business Account.
sol_beach on
The interest on a HELOC is only deductible when the funds are used on the building used as collateral.
3 Comments
You’d need to talk to a CPA about that one – the IRS has pretty specific rules about deducting home equity interest for business purposes and it gets messy real quick
Yes. You have to track the expenses. Draw funds from you HELOC directly to you Business Account. As you make HELOC payments, repay from your Business Account.
The interest on a HELOC is only deductible when the funds are used on the building used as collateral.