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Deductions & credits
No, as you paid into the original loan, hence increasing your equity in the home (and thus being able to take out a HELOC or refi) - since you used the money to pay off other debts, this is disallowed for interest deductibility and has been for years. It is all in how you answer those tricky little IRS questions that exist in every tax prep software system.
March 3, 2021
12:00 PM
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