HELOC

Greetings,

 

I am in the process of taking out a Home Equity Line of Credit (HELOC). I will use this money for home improvements, I plan on taking a federal deduction. It will likely take 1 to 2 years to make all my home improvements. If I put this money in an interest bearing account, while waiting to use it for payments, will this affect my ability for the tax deduction? Thank you!