Question

Can I include remodel cost from a cash out mortgage incurred after 2021

Forum|Forum|4 years ago
April 7, 2022
1 reply
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TurboTax Premier Online

No, you can only deduct expenses in the tax year they are paid. Also, you cannot deduct remodel costs on your primary home. You are entitled to take the allowable deduction of the interest paid on the mortgage if you used the full amount of the cashout portion on the remodel.

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