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Question

I took HELOC in 2020 but haven't used any money from it. Can I get the full deduction for 2020 tax return?

Forum|Forum|5 years ago
February 17, 2021
1 reply
0 views

I took HELOC in 2020, but I haven't used the money at all. Can I still get the full deduction for Year 2020 tax retrun?

HELOC

No, since you did not use any money from the HELOC, you won't be able to deduct any interest.

Additionally, you can only deduct interest you paid on the HELOC mortgage balance IF the loan proceeds were used to buy, build, or substantially improve your home

From the IRS:

Home equity loan interest. No matter when the indebtedness was incurred, you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home.