Solved: Can I use the interest paid in 2018 on my home equity loan on my 2018 tax return if I purchased a car with that loan ?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Can I use the interest paid in 2018 on my home equity loan on my 2018 tax return if I purchased a car with that loan ?

But the loan is a home equity loan that I have with a bank, except for me, nobody knows what I'm using the money for. There is no reference or record on the loan as to what I'm using the money for.
1 Best answer

Accepted Solutions
Level 15

Can I use the interest paid in 2018 on my home equity loan on my 2018 tax return if I purchased a car with that loan ?

The loan or line of credit must be used to buy, build or substantially improve your home. This is a new requirement for tax years 2018 through 2025.


View solution in original post

1 Reply
Level 15

Can I use the interest paid in 2018 on my home equity loan on my 2018 tax return if I purchased a car with that loan ?

The loan or line of credit must be used to buy, build or substantially improve your home. This is a new requirement for tax years 2018 through 2025.


View solution in original post

Dynamic Ads
v
Privacy Settings