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March 21, 2021
Question

Refinanced in 2019. In Paid off the original loan and increased the loan for equity funds. The funds were used for a combination of home improvement and credit.

  • March 21, 2021
  • 1 reply
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how do I know how much interest I can use for taxes?

1 reply

DaveF1006
March 21, 2021

It depends. When you report the 1098 as a equity line of credit, there is a series of questions that asks how much you used for home improvement and how much you spent for anything else. Based on your answers, Turbo Tax will correctly allocate what amount of interest you are able to deduct.

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