Ok it explains HELCOS and says if traced appropriately and correctly to and if proceeds are used for purchase, to build or "substantially" improve the taxpayer's home you get the deduction. It says a lot more. I gave my rep this question - is this the first of many explanations, some nice examples IN THE ISSUE. SUBSTANTIAL ????
I will give HELOCS, line of credits, mortgages as long as it meets the criteria, and secured by the home
I will give HELOCS, line of credits, mortgages as long as it meets the criteria, and secured by the home