Deducting mortgage interest

[hanwellboy]

If I take out a home equity loan on my primary residence to use as a downpayment in order to buy a rental property, can I deduct both the interest from the loan, and the mortgage interest of the rental property?
Thanks.

 

[ekisielewski]

QUOTE (hanwellboy @ Sep 17 2008, 06:37 AM) If I take out a home equity loan on my primary residence to use as a downpayment in order to buy a rental property, can I deduct both the interest from the loan, and the mortgage interest of the rental property?
Thanks.


Absolutely

 

[Mecheng]

I`m sure this has been answered before but what about using your HELOC for renovations on a property?
Is that interest deductable as well?

 

[hanwellboy]

I have since found some interesting stuff at CRA concerning rental income. I havn`t read through all of it yet, but it looks like some good info. You can find it here: If I take out a home equity loan on my primary residence to use as a downpayment in order to buy a rental property, can I deduct both the interest from the loan, and the mortgage interest of the rental property?
Thanks.