https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as/01/2813000#M269026 <P>Yes.</P> Mon, 09 Jan 2023 21:34:50 GMT Opus 17 2023-01-09T21:34:50Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refinancing/01/2812983#M269025 Is an equity loan considered the same as refinancing on a paid off mortgage? Mon, 23 Feb 2026 10:59:21 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refinancing/01/2812983#M269025 heath0667 2026-02-23T10:59:21Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as/01/2813000#M269026 <P>Yes.</P> Mon, 09 Jan 2023 21:34:50 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as/01/2813000#M269026 Opus 17 2023-01-09T21:34:50Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refin/01/2813017#M269027 <P><SPAN style="font-family:Arial, Helvetica, sans-serif;font-size:14px;">It could be, it depends on what the question is referencing. Is this to see if your loan interest is deductible?</SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial, Helvetica, sans-serif;font-size:14px;">If so, this link will help you determine if the interest is deductible: &nbsp;</SPAN><A href="https://www.irs.gov/publications/p936" target="_blank"><SPAN style="font-family:Arial, Helvetica, sans-serif;font-size:14px;">Home Mortgage Interest Deduction</SPAN></A></P> <P>&nbsp;</P> <P><SPAN style="font-family:Arial, Helvetica, sans-serif;font-size:14px;">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.</SPAN></P> Mon, 09 Jan 2023 21:51:36 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refin/01/2813017#M269027 CatinaT1 2023-01-09T21:51:36Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refin/01/2815160#M269232 <P>Thank you for explaining this to me.&nbsp; It was a cash out so not deductible.</P> Thu, 12 Jan 2023 17:43:59 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-my-house-was-paid-in-full-and-i-took-out-an-equity-loan-is-that-considered-the-same-as-refin/01/2815160#M269232 heath0667 2023-01-12T17:43:59Z