674915
I think it's straightforward. Since 1st Mortgage interest is deductible, but HELOC interest no longer will be, will it be allowable to roll the HELOC into a new first and deduct all the interest?
You'll need to sign in or create an account to connect with an expert.
No.
Acquisition debt is the debt you incurred to buy or remodel the home. Equity debt is everything else. Even if you combine them in one loan, your interest is only deductible on the part of the new loan that is equal to the balance of the first mortgage (your acquisition debt) on the day you rolled it into the new loan.
No.
Acquisition debt is the debt you incurred to buy or remodel the home. Equity debt is everything else. Even if you combine them in one loan, your interest is only deductible on the part of the new loan that is equal to the balance of the first mortgage (your acquisition debt) on the day you rolled it into the new loan.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mc510
Level 2
nancygreco777
New Member
dlam123
Level 2
Mike6174
Level 2
pgdriver
New Member