sibbs
New Member

Deductions & credits

Thank you.   So in this case I have a first mortgage to build the house,  2nd mortgage came when I finished the basement and built a detached garage.   so all of which would be considered acquisition debt.  Rolling those 2 mortgages into a single home equity line of credit if I paid nothing else off would still allow me to be able to deduct the interest on the heloc loan.