grumpy
Thinks s/he gets paid by the post
- Joined
- Jul 1, 2004
- Messages
- 1,321
We will settle on our new home soon and I intend to pay cash. We will not settle on the sale of our existing home until a month later. I have set up a home equity line of credit for $265K to use as a bridge loan. I read recently that interest on a HELOC up to $100k is tax deductible. Does that mean I can deduct the interest on the first $100k but not the interest on the other $165k? How will the IRS know how big a HELOC I had? Won't they just get a 1099-INT showing how much interest I paid? It the total interest I paid (for one month) is less than 1 years interest on a $100k loan can I deduct it all?
Grumpy
Grumpy