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Mariozichella
Returning Member

To get an interest deduction is it enough to withdraw HELOC funds in the same year as the renovation?

Or do you need to show a withdrawal from HELOC within weeks or months of paying for a renovation?
2 Replies
fanfare
Level 15

To get an interest deduction is it enough to withdraw HELOC funds in the same year as the renovation?

Applying the HELOC cash to a renovation is a mental exercise.

IRS will take your word for it if you have a receipt from the contractor for renovation.

Mariozichella
Returning Member

To get an interest deduction is it enough to withdraw HELOC funds in the same year as the renovation?

I have a receipt but do you think the IRS cares if the money was taken out of the HELOC months after the project ended but still within the same calendar year?

 

Thank you for your help 

Z

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