I've used cash to renovate a second home. A HELOC is to be approved soon. Can I use a HELOC to reimburse myself for prior expenses with the interest being deductible?
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I've used cash to renovate a second home. A HELOC is to be approved soon. Can I use a HELOC to reimburse myself for prior expenses with the interest being deductible?
I've used cash to renovate a second home. A HELOC is to be approved soon. Can I use a HELOC to reimburse myself for prior expenses with the interest being deductible?
I would say yes, you can deduct the interest. The proceeds from the HELOC are effectively being used to pay for the renovations to your home.
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