We've had a HELOC for at least 12 years. We don't know how much we've used for house upkeep over that period of time. We don't have those records. What can we do?

dlcbsmith · ‎June 1, 2019

MarilynG · ‎June 1, 2019

In order to deduct Mortgage Interest on a HELOC, starting in 2018, one of the conditions is that the loan must have been used to 'buy, build or substantially improve your home'.

If you can estimate that a certain % of the loan was used for this purpose (and would be able to document if requested by the IRS) you can claim that % of Mortgage Interest as an Itemized Deduction.

Here's more info:

https://ttlc.intuit.com/replies/5759569

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View solution in original post

MarilynG · ‎June 1, 2019

In order to deduct Mortgage Interest on a HELOC, starting in 2018, one of the conditions is that the loan must have been used to 'buy, build or substantially improve your home'.

If you can estimate that a certain % of the loan was used for this purpose (and would be able to document if requested by the IRS) you can claim that % of Mortgage Interest as an Itemized Deduction.

Here's more info:

https://ttlc.intuit.com/replies/5759569

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

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We've had a HELOC for at least 12 years. We don't know how much we've used for house upkeep over that period of time. We don't have those records. What can we do?