My wife and I are looking at purchasing a condo in Maui. Our intent is to rent it out ASAP. I am wanting to use available credit from a HELOC to purchase the property outright. I figure I can pick up a great deal if I offer a motivated seller a shorter closing term. I do not however know the tax implications of doing so. I am assuming I will not be able to claim my interest as an expense on my US tax return. Would I be wiser to go through the added pains and initial costs of applying for a mortgage in the US?
Any help on this topic would be greatly appreciated.
Regards,
Arthur




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