Loan to Purchase Musclecar

[YENKO DEUCE REGISTRY]

Originally Posted by olredalert

----If you don't already have a home equity loan it may be a good choice. The interest is deductible still (I think) and generally all you have to do is pay the interest monthly. I have done this in the past when I wanted to buy a car to sell or knew that cash was coming in soon......Bill S

HELOC % is no longer deductible if used for a car purchase, only if used for the purchase of a home or home repairs - how they plan to enforce this is unclear. I'd find a car being sold by a home construction contractor...... but that's just the view from a CPA!

"HELOCs and second mortgages will no longer be deductible if the loan proceeds are used to pay for personal items, including college tuition, vacations, credit card debt, student loan debt, a vehicle or clothing; the interest paid on that amount will not be deductible."