Housing Allowance and 1st Position HELOC

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?

Comments for Housing Allowance and 1st Position HELOC

Click here to add your own comments

Apr 08, 2022

by: Vickey

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.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Housing Allowance.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

Share this page:

What’s this?

Facebook

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

Click on the HTML link code below.
Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.