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Tax breaks can help with home renovations

Event organizers told WAAY 31, they clarified with the IRS this week, that home equity loans will be tax deductible, but only if you use a majority of the money on a project that will improve the quality and value of your house.

Posted: Mar. 2, 2018 5:38 PM
Updated: Mar. 5, 2018 9:28 AM

The 30th annual Home and Garden Show is happening this weekend at the Von Braun Center. 

There are over 200 companies there to help renovate and improve homes. 

Some home owners might be thinking of taking out a home equity loan to pay for renovations. 

Event organizers told WAAY 31 they clarified with the IRS this week, that home equity loans will be tax deductible, but only if you use a majority of the money on a project that will improve the quality and value of your house. 

"If you got a home equity line of credit and went and bought a speed boat or a camper that doesn't work. It has to be for a home building or remodeling," said Barry Oxley/Executive Officer of Home Builders Association.

During this weekend there will be several different banks at the event to walk anyone through the process of getting a home equity loan. 

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