From: "John A. Weeks III" 
Newsgroups: misc.consumers.house misc.invest.real-estate misc.taxes
Subject: Re: First Trust Deed HELOC -- deductibility of interest?
Date: Fri, 01 Apr 2005 22:13:33 -0600

In article <56mr415sv98k3f130ouottn5nl7b1jfjhg@4ax.com>,
 Mark  wrote:

> Anyway, using this same example (I'll supply more information if that
> is needed), what interest can we deduct from this loan? (The IRS
> publication, and the prior discussion on Usenet, is quite confusing
> on this matter -- some advice seems to apply that for the example
> above only a small amount of the interest will be deductible.) Please
> post your reply to this newsgroup.

I used a home equity loan as the only loan to buy a property
a few years ago.  The loan came through Washington Mutual.
For all practical purposes, doing that is exactly the same
as a regular first mortgage.  All the same rules apply.

-john-

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John A. Weeks III           952-432-2708            john@johnweeks.com
Newave Communications                         http://www.johnweeks.com
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