- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
What did you do with the money from the HELOC? It matters.
If the money was not used to "buy, build or improve" the home that secures the loan, then the interest is not deductible on SCH A. But if you used the money for something else, you may be able to claim/deduct the interest depending on what that "something else" was you used it for. (For example, to purchase a business property of some type.)
March 4, 2023
11:59 AM