I got a 10k loan from my credit union for a home remodel. Am I able to write it off on my taxes?

[Uther · Accepted solution]

The interest on the loan MIGHT be deductible if the loan is characterized as a second mortgage and secured by your home the way a primary mortgage would be. If it's just a personal loan and not specifically filed as secured by the homw it is not deductible.

Remodeling expenses are also not currently deductible. You might want to save a record of them, however, as they might be used to adjust the "cost" of your home when you eventually sell it and compute a gain on sale. However, don't sweat it if you don't accurately capture all remodeling expenses: most folks who sell their own home are exempt from tax on any gain anyway.