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April 27, 2021
Question

To get an interest deduction is it enough to withdraw HELOC funds in the same year as the renovation?

  • April 27, 2021
  • 1 reply
  • 0 views
Or do you need to show a withdrawal from HELOC within weeks or months of paying for a renovation?

1 reply

fanfare
Employee
April 28, 2021

Applying the HELOC cash to a renovation is a mental exercise.

IRS will take your word for it if you have a receipt from the contractor for renovation.

April 28, 2021

I have a receipt but do you think the IRS cares if the money was taken out of the HELOC months after the project ended but still within the same calendar year?

 

Thank you for your help 

Z