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

The mortgage I paid interest on was neither to buy or build my home nor a HELOC or a refinance. We paid our mortgage in 2010, then borrowed for a remodel. What do I do?

 
1 Reply
Highlighted
Employee Tax Expert

The mortgage I paid interest on was neither to buy or build my home nor a HELOC or a refinance. We paid our mortgage in 2010, then borrowed for a remodel. What do I do?

The new requirement to deduct the interest requires that the loan or line of credit must be used to buy, build or substantially improve your home.  Borrowing to remodel (substantially improve) your home meets this requirement.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"