172283
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

m-gdula
New Member

Home equity line of credit/ CT purchased new car and windows for home 7000.00. what is deductible in Connecticut?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DDollar
Expert Alumni

Home equity line of credit/ CT purchased new car and windows for home 7000.00. what is deductible in Connecticut?

The portion of the interest for amount of the debt used to purchase the windows for the home is tax deductible.  The portion used to buy a new car is not.  For example, if 25% of the loan proceeds were used for windows, and the rest used to buy a car, then 25% of the interest is tax deductible. 

View solution in original post

1 Reply
DDollar
Expert Alumni

Home equity line of credit/ CT purchased new car and windows for home 7000.00. what is deductible in Connecticut?

The portion of the interest for amount of the debt used to purchase the windows for the home is tax deductible.  The portion used to buy a new car is not.  For example, if 25% of the loan proceeds were used for windows, and the rest used to buy a car, then 25% of the interest is tax deductible. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question