2007 - took out a HELOC for 30k. 15k was used for house (roof and A/C) and 15k was personal.
2015 - Refi the HELOC and balance was 14k.
End of 2018 - balance is $12400. Interest paid in 2018 was $1004
What would be the best way to claim HELOC deduction now?
My thought is that from the original HELOC, 50% was for house. Since I paid $1004 in interest in 2018, I would deduct 50% of $1004 - or $502. Would the be right.
Couple issues - i have no records of the improvements back in 2007 (Do not save anything back that far). The contractor for $9000 of the work is out of business. I do have the HELOC paper work from 2007 and 2015. So if the IRS wants to audit, how can I prove it.?
