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posted Jun 1, 2019 10:41:33 AM

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?

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1 Best answer
Expert Alumni
Jun 1, 2019 10:41:34 AM

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

1 Replies
Expert Alumni
Jun 1, 2019 10:41:34 AM

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