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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!
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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.
Awesome, thank you for your help!
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