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ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 485
Experience:  Business Consultant/Accounting Manager
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I have rental property which has alot of equity can I take

Customer Question

I have rental property which has alot of equity can I take out an equity line of credit on this rental property and use it for personal use?
Submitted: 7 months ago.
Category: Tax
Expert:  ABC Accounting Group replied 7 months ago.

Based on your loan organization's/bank's qualifications, you can; however, the tax deduction will be different - it would not be deductible on your Schedule E. Best Regards.

Expert:  ABC Accounting Group replied 7 months ago.

If you have any questions, let me know. Thank you.

Expert:  ABC Accounting Group replied 7 months ago.

I hope I was able to help you. If this answered your question please take a few moments to rate my response. It will be at the top of the page - ranging from 1 to 5 stars. If you need any clarification of my response or have any further questions, I am here. Thank you. Have a wonderful afternoon.