Hi, I refinanced in 2021 to expand my house. His money will be used to expand my house in 2022. Can I deduct the associated interest in 2021 taxes?

joshua_forbes · ‎February 20, 2022

Hi,
I refinanced in 2021 to expand my house. This money will be used to expand my house in 2022. Can I deduct the associated interest in 2021 taxes?

Bsch4477 · ‎February 20, 2022

Single filers and married couples filing jointly can deduct the interest on up to $750,000 for a mortgage if used as you have posted, for improvements to your home.

PattiF · ‎February 20, 2022

Yes, you can deduct the interest on your 2021 tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Hi, I refinanced in 2021 to expand my house. His money will be used to expand my house in 2022. Can I deduct the associated interest in 2021 taxes?