Moceri Minute

Can I deduct interest on a home equity loan used to remodel my home?

Yes! Debt secured by a first or second home and used to improve the place has always been considered acquisition indebtedness, so the new law’s crackdown on home equity loans doesn’t apply. After 2017, you can no longer deduct interest on such debt used for other purposes, such as to buy a car or pay off credit card debt.

Call our office if you have any questions!