RE: HELOC
To the Wise Sages,
Regarding a HELOC, my wife and I have one with about $140K left in it at a reasonable interest rate. I've been pretty straight/narrow regarding use of the HELOC, cognizant of the interest alone being deductible. If anyone out there is a CPA and/or has experience with the 'brackets/rules' of using a HELOC on one's primary residence, would it cover, for example:
1. Roof repair and/or replacement.
2. Painting of exterior of home.
3. Repair of ceiling/carpet damage due to roof leak...with the cost being less than homeowner's deductible.
4. Driveway/Lawn Irrigation repair and/or replacement of sections of driveway/irrigation system.
5. HVAC repair/preventive maintenance, pest control service contracts.
6. Updating/planting/replacing home landscaping.
7. Home appliance repairs/replacements, e.g. washer/dryer, ice maker, dishwasher, updating sound system, lawn mower purchase & repairs...
This just got my wheels turning as all of my farm expenses are deductible, our second house expenses are not deductible as we don't rent it out...so, primary homeowner expenses I need to look into how to legally make some of those within the realm of the HELOC.
Best and Thanks in Advance,
DWD |
