Using A HELOC To Remodel? You Can Still Write Off the Interest
A new article by Craig Webb of Remodeling Magazine helps clarify whether interest on a HELOC is still a deductible expense. According to the new law it depends on what you are using it for. For homeowners looking to remodel their homes the news is good.
"The Internal Revenue Service clarified today that interest paid on home equity loans and second mortgages can be deducted from taxes under the new tax package if they are used to "buy, build, or substantially improve the taxpayer's home" that was used to secure the loan."
Here is a link to the article:
This client wanted to update their 1970's Lake Oswego home opening up the spaces, and modernizing the main living area.