Legal fees for a HELOC tax-deductible?

  • iskra

    Status: REIN™ Member

    Posts: 20
    Joined: 20 Apr 2012
    From: Toronto

    Hi Experts,

    Just joined REIN last ACRE event in Toronto and immediately have a question.

    I opened a HELOC on investment property last year (i.e. 2011). I have not used it yet, but the intention is to use it as  downpayment this year for another property.
    Question: Can I deduct the legals fees for HELOC (about $650) in my 2011 tax return? If yes, what category it will be:

    - operation expense?
    - fixed assets?

    If I can not deduct this year, can I deduct next year, when I use HELOC for my next investment?

    many thanks,

    Iskra

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