HELOC

[JAW24]

I have a HELOC on a second property.  We used approximately 30% of the loan for replacing the roof on the home.  The remaining amount went towards debt consolidation.  My question is this:  Can I claim the full interest on my taxes since I used a portion of the loan for home improvement?  Or can I only claim 30% of the interest since that is how much I used for replacing the roof?  

Thanks!

[Opus 17]

You can only deduct the portion of interest that represent the amount of the loan used for home acquisition costs -- costs to buy, build, or substantially remodel the home.  So in this case, 30% of the interest.  Turbotax should have the calculations for this built-in. 

[JAW24]

Awesome, thank you for your help!