Improving your home? Dive right in — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Improving your home? Dive right in

by on
in Small Business Tax

Q. I’m planning to refinance our home to upgrade our pool and patio area. Can I still deduct the full amount of mortgage interest? L.P., Jupiter, Fla.

A. Probably. Normally, you can deduct the interest on a loan that refinances home acquisition debt of up to $1 million. Then you can generally deduct interest on up to another $100,000 of additional debt taken out in the refinancing under the home equity debt rule.

Tip: Not all home equity debt interest qualifies as deductible for alternative minimum tax (AMT) purposes. See a tax pro for AMT complications.

Related Articles...

    No matches

Leave a Comment