Is home equity loan on a rental property tax deductible?
I own a home right now where I am still paying PMI. I also have a leasing property. I want to take a home equity loan on the leasing property to pay-off some of my mortgage so I will not have to pay PMI to my first home anymore. Will the appeal I pay on the home equity loan on my leasing property be tax deductible?
No
Any appeal you pay on the leasing property is deducted on Schedule E along with all other leasing expenses.
Appeal on the home equity line is deductible.
The appeal on the loan secured by your leasing property is deductible if the loan is made for a business purpose. For example, if you were improving your leasing property or purchasing other business property.
But this is personal debt which is not secured by your residence. No deduction is allowed.
No.
The rules are different between your residence and leasing property when it comes to mortgages and other home loans.
With leasing property, there is something called the “Trace Rule”. In order for the appeal to be deductible, you have to be able to “trace” the usage of the funds to the leasing property itself.
Using a home loan, secured by the leasing property, to pay down your mortgage on your residence makes the appeal on this loan personal and non-deductible.
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