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Home Improvement Loan - Interest Paid Deductible?

Answered by: 

Question: 
Is interest paid on an unsecured loan deductible for IRS purposes when the loan proceeds were used to finance a home improvement project?
Answer: 

No, in order to take the mortgage interest deduction, the loan has to be secured by your main home or a second home.

First published on BankersOnline.com 3/03/08

First published on 03/03/2008

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Filed under lending as: 

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