Mortgage Interest Limits are not an issue here. HELOC interest limits are not an issue.
The key here is that a HELOC was refinanced in 2014 AND THAT THE REFINANCED HELOC STARTED with a balance from the original HELOC. So, the question is can the starting balance be treated as acquisition debt? It would be acquisition debt if the original were still in effect.
You'll need to sign in or create an account to connect with an expert.
Yes.
As long as the loan amount is 100% from buying or improving the home, it tax deductible (up to the limits). Refinancing does not change that.
Yes.
As long as the loan amount is 100% from buying or improving the home, it tax deductible (up to the limits). Refinancing does not change that.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
VAer
Level 4
g213
Level 1
gratefully_lead
New Member
jaw1776-aol-com
New Member
FreakingTax
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.