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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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I took out a personal bank loan to remodel my kitchen three

Resolved Question:

I took out a personal bank loan to remodel my kitchen three years ago. I used all of the money borrowed on the kitchen. Can I deduct the interest paid on that loan this year and the previous years?
Submitted: 5 years ago.
Category: Tax
Expert:  Stephanie B. replied 5 years ago.

Stephanie B. :

Thank you for using Just Answer.


Substantial improvement debt is considered acquisition debt and is a deduction on your Schedule A as mortgage interest paid. In order to be a substantial improvement, the improvement has to add to the home’s value, prolong the life of the home, or adapt the home to a new use. Here is a link to Publication 936. Look under Substantial Improvement.


If you should have been deducting this interest in the past but had not, you can amend the open tax years (2008-2011) in order to take this deduction.



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