Hello,
I took a HELOC loan out for $175k back in 2022. I used some of the funds to clear debt, but I also spent $100k on home improvements that I have receipts for.
From what I’ve read you are only allowed to deduct HELOC interest for funds that went towards home improvements. Since I spent $100k of the $175k on home improvements, am I able to deduct the interest on the $100k portion of the loan (roughly 57%)?
Thank you
