How to deduct the cost of borrowing HELOC havingfun2009-07-16 02:30:12

Have a scenario here. A hu*****and has an HELOC of $100,000+ under his name and wants to use it for the couples’ LLC for business use. What are the IRS rules regarding the tax deductibility of the HELOC’s interests for this circumstance? The couples can’t use the itemized deduction for their joint return on 1040, because the HELOC is more than $100,000.

How to deduct the cost of borrowing HELOC for business uses?

Thanks