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Can i claim HELOC loan used for improving primary residence this year when i inadvertently said 'no' to it last year?
I took out a HELOC loan late in 2022 and for the 2022 tax year, i inadvertently said No to the question on if the amount of debt was used to buy, build or substantially improve the home. This year (2023) I actually did use the amount for home improvement and want to change my response to 'Yes' for usage for home improvements. Would it be okay to have said No last year and change it to Yes this year? Shiould i amend my returns for last year? if not, will there be audit questions?
March 22, 2024
4:05 PM