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R
rickademass
February 14, 2025
Question

TOOK A LOAN OUT FROM AVEN ITS A HOME SIMPLE INTEREST LOAN. CAN I DEDUCT THE INTEREST?

  • February 14, 2025
  • 1 reply
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    1 reply

    V
    Vanessa A
    February 14, 2025

    It depends. If it is a Home Equity loan that you used to buy, build or substantially improve the home in which secures the loan, then yes.

     

     If you used the loan for anything other than to buy, build or substantially improve the home then no.

     

      If it was used for both, then you can deduct the interest on the portion of the loan that was used to buy, build or substantially improve the home that secures the loan.

     

    Home Mortgage Interest

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