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rickademass
New Member

TOOK A LOAN OUT FROM AVEN ITS A HOME SIMPLE INTEREST LOAN. CAN I DEDUCT THE INTEREST?

 
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‎February 13, 2025 5:11 PM
last updated ‎February 13, 2025 5:11 PM
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Vanessa A
Employee Tax Expert
Employee Tax Expert

TOOK A LOAN OUT FROM AVEN ITS A HOME SIMPLE INTEREST LOAN. CAN I DEDUCT THE INTEREST?

It depends. If it is a Home Equity loan that you used to buy, build or substantially improve the home in which secures the loan, then yes.

 

 If you used the loan for anything other than to buy, build or substantially improve the home then no.

 

  If it was used for both, then you can deduct the interest on the portion of the loan that was used to buy, build or substantially improve the home that secures the loan.

 

Home Mortgage Interest

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‎February 13, 2025 5:16 PM
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