I recently qualified for housing allowance and have my mortgage set up under a 1st position/lien HELOC.
I would guess the interest payments on the HELOC would qualify, but since its principle is not paid down like a traditional 30 year mortgage with monthly payments, how would determine my housing allowance allotment from it?
1Comments
VVickey
I am not familiar enough with a first lien HELOC to be able to help you.
Hopefully someone with experience with that type of loan AND housing allowances can comment and help; however, I strongly advise you to seek the advise of a qualified tax professional ...when it comes to claiming the housing exclusion on your personal taxes.
Hopefully someone with experience with that type of loan AND housing allowances can comment and help; however, I strongly advise you to seek the advise of a qualified tax professional ...when it comes to claiming the housing exclusion on your personal taxes.