I refinanced my home in october 2021 including a payoff of a heloc loan. I did not receive a 1098 from the heloc loaner (because the interest was <$600).
When completing the forms on TurboTax, it asks me if i took out extra money - yes
Did i use it for improvement - not yet. The loan only closed in october and i have not yet had time to use the money for repairs. so i cannot say how much will be towards improvement. The answer is just a yes i've used this on the home i took it out on
and NO: i used some or all ....... something other than a home.
it could be yes, i will use it in the future. But no, i can't promise that will not use it. It is sitting in a bank right now. how do i answer this?
