topic Can I deduct all mortgage interest if I refinanced in 2016 and cashed out $50K for home improvements and debt? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-deduct-all-mortgage-interest-if-i-refinanced-in-2016-and-cashed-out-50k-for-home-improvements/01/485324#M62119 Wed, 05 Jun 2019 00:57:06 GMT karenfrye99 2019-06-05T00:57:06Z Can I deduct all mortgage interest if I refinanced in 2016 and cashed out $50K for home improvements and debt? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-deduct-all-mortgage-interest-if-i-refinanced-in-2016-and-cashed-out-50k-for-home-improvements/01/485324#M62119 Wed, 05 Jun 2019 00:57:06 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-i-deduct-all-mortgage-interest-if-i-refinanced-in-2016-and-cashed-out-50k-for-home-improvements/01/485324#M62119 karenfrye99 2019-06-05T00:57:06Z No, you can only deduct the interest on the line of credi... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-can-only-deduct-the-interest-on-the-line-of-credi/01/485330#M62120 <P>No, you can only deduct the interest on the line of credit that was used to buy, build or substantially improve your home. This is a new requirement for&nbsp;tax years&nbsp;2018 through 2025.&nbsp;</P><P>You will have to determine the percentage of the loan that was used to pay your personal debts.&nbsp; The interest on that portion of the loan will not be deductible.&nbsp;&nbsp;</P> Wed, 05 Jun 2019 00:57:09 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/no-you-can-only-deduct-the-interest-on-the-line-of-credi/01/485330#M62120 AlanT 2019-06-05T00:57:09Z
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topic Can I deduct all mortgage interest if I refinanced in 2016 and cashed out $50K for home improvements and debt? in Deductions & credits
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Can I deduct all mortgage interest if I refinanced in 2016 and cashed out $50K for home improvements and debt?
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No, you can only deduct the interest on the line of credi...
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<P>No, you can only deduct the interest on the line of credit that was used to buy, build or substantially improve your home. This is a new requirement for&nbsp;tax years&nbsp;2018 through 2025.&nbsp;</P><P>You will have to determine the percentage of the loan that was used to pay your personal debts.&nbsp; The interest on that portion of the loan will not be deductible.&nbsp;&nbsp;</P>
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