Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

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

cancel
Showing results for 
Search instead for 
Did you mean: 
krland22
New Member

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?

 
1 Reply
DDollar
Expert Alumni

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.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~