HELOC LOAN EXECUTED IN 2016 and used for a truck. CAN I DEDUCT THE INTEREST IN 2018

[papasmu1971]

purchased truck with HELOC executed in 2016.  Can I deduct the interest on Schedule C for 2018 return.

[sjrcpa · Accepted solution]

Yes under the interest tracing rules.

[rbynaker]

The "LOC" is short for Line of Credit.  Were there any other draws on the account?

If not, I agree with sjr, "HE" is no longer qualified residence interest so you follow the money.