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No. You can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home.
So your saying I can't deduct ANY mortgage interest? We have one mortgage, which includes the cost of the house, plus the HELOC added on? That means we've lost the mortgage interest deduction entirely?
For tax years 2018 through 2025, you can only deduct the interest from the amount of your loan that was used to buy, build, or improve the home that it’s secured by.
If you’ve ever used part of this loan to pay for things other than this home, you cannot deduct the interest from that amount of the loan, even if the transaction didn’t take place this year.
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