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NYCMIKE1234
March 10, 2025
Question

Heloc and business interest

  • March 10, 2025
  • 1 reply
  • 0 views

Could  a heloc loan be considered  a deductible interest expense if it it used to support a failing s corp of the shareholder   

 

    1 reply

    M
    MinhT1
    March 10, 2025

    No.

     

    The Tax Cuts and Jobs Act of 2017 has prohibited the deduction of the interest of a loan secured by your home to the extent that the loan proceeds weren't used to buy, build or substantially improve your home.

     

    Please read this IRS publication, page 1. 

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