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Q&A: Are interests from a loan to update a roof tax deductible?
Question by gtmds: Are interests from a loan to update a roof tax deductible?
I live in Florida-US and am updating the old roof of my home with a completely new one before the next hurricane season. I assume that this won’t be a tax deductible expense if I pay for it directly, but would I be able to deduct interests of a home equity loan used towards this renovation?
Best answer:
How tax deductible are charitable donations and home equity loans?
Question by djchuang: How tax deductible are charitable donations and home equity loans?
When they say donations and home equity loans are tax deductible, what does this mean? Does a $ 1000 donation mean $ 1000 less federal income tax? Does $ 1000 paid in interest on a home equity loan mean $ 1000 less federal income tax?
Best answer:
Answer by LifesAMystery
The deductible is to the amount the tax percentage is applied to. So if you make $ 50,000, you can deduct $ 1,000 to make your base $ 49,000. And then 15% is applied to the new base.