Registered: Mar 2006
Local time: 11:00 PM
I had borrowed a home equity line of credit on my house to buy a fixer-upper in 2005. I also used part of that money to by materials to fix the house. Overall, $15000 of expenses and so far about $5000 of interst paid on the line of credit . .can i deduct anything here? Are the line of credit interests deductable? Are my expenses to fix the house deductable . .i have not sold the house yet so there has not been a gain or lost.