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booski82
January 24, 2025
Question

I took a HELOC loan in March to pay off a vehicle. Later in the year I used savings for home improvements. Can I deduct any interest on the HELOC for home improvements?

  • January 24, 2025
  • 1 reply
  • 0 views
The HELOC funds didn't go directly to the home improvements, but indirectly did.

    1 reply

    O
    Opus 17
    Employee
    January 24, 2025

    You can include home improvements made up to 24 months after the loan was taken out, as part of your "acquisition cost" and eligible for the interest deduction.  If you only used part of the loan for improvements, you can deduct part of the interest.  There is a formula in publication 936, and Turbotax is supposed to help you calculate it. 

    https://www.irs.gov/forms-pubs/about-publication-936

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