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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

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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.

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