I purchased my condo in 2001 for approx. 120,000. I have refinanced several times since then, with the last time about 5 years ago. I currently owe about 140,000 on the loan. I am sure that most of the refinance was done to consolidate debt etc, although I have no idea how much of the loan was used for that purpose since it was last refinanced 5 years ago. I also have a HELOC. I understand that a HELOC is not tax deductible unless it is used to improve the home etc. I just assumed that my mortgage interest is tax deductible. I never took into account that it was refinanced. Does that matter?
