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E
edb
Employee
April 15, 2019
Question

home mortgage interest limitation smart worksheet

  • April 15, 2019
  • 1 reply
  • 0 views

For home mortgage interest limitation smart worksheet, how is "loan proceeds? defined in relation to "Were all loan proceeds used to purchase, build or improve the home secured by this loan?

      1 reply

      Critter
      Critter
      Employee
      June 11, 2019

      When a loan is taken out it is used for something ... so your loan was used to buy, build or improve the home ?   If it was for none of those things then it is a HELOC which is no longer deductible.  If you refinance the loan then it takes on the same character as the original loan.  If you take out equity then the loan needs to be prorated so follow the program interview carefully. 

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