With these income levels (AGI >150K if MFJ) one needs to be very careful in tax planning because they can fall under the dreaded AMT.
Under AMT rules, HELOC interest can only be deducted if it is used to buy, build or improve your (primary) house. AFAIK, if you used HELOC to buy investment property then you can’t deduct that interest if under AMT!
(If you have a lot of equity in the house and can manage to cash out without resorting to a HELOC then this does not apply!)
