CatinaT1
Expert Alumni

Deductions & credits

It could be, it depends on what the question is referencing. Is this to see if your loan interest is deductible?

 

If so, this link will help you determine if the interest is deductible:  Home Mortgage Interest Deduction

 

If you have interest on a home equity loan, the proceeds are only deductible if they are used to buy, build, or substantially improve the home. Since you already own your home, it would have to be used to improve your home (remodeling, etc). If you simply did a cashout equity loan and used the proceeds for other purposes, it is not deductible.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post