Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 29, 2023 6:43:32 AM

HELOC interest for home purchase

Hi, I am wondering under what heading/topic I enter interest paid on my HELOC.

 

This money was used as a downpayment for a second property, and the transfer of my principal residence into a rental property.  I have a substantial bridge loan interest and then ongoing HELOC interest I'd like to deduct, which the appropriate documentation saying this $ was being used to pay for a property.

 

I've seen the "line" as directed by the CRA but have no clue what heading that actually goes under in TT>

 

Thanks

0 1 188
1 Replies
Moderator
Apr 5, 2023 11:34:47 AM

Is the new property your new principal residence or for personal use? If so you can't claim interest expenses related to the purchase of that property.