HELOC deductibility calculation

On a newly increased HELOC--being reported by the lender as a 2019 novation--can I count amounts spent on home improvement from the immediately prior (and even earlier) HELOCs?

posted

You can still deduct interest to the extent that it applies to monies spent on home improvements. So, you can deduct a portion of the HELOC mortgage interest. You will be asked questions in TuboTax when you enter the interest to determine how much is deductible.

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