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Level 2
posted Jun 3, 2019 12:48:59 PM

Are lawyer fees deductible for setting up HELOC?

The state of South Carolina requires a legal fee for establishing the HELOC on personal residence.

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1 Best answer
Alumni
Jun 3, 2019 12:49:00 PM

Sorry, but those fees add to the cost of the residence.  They are not otherwise deductible.

2 Replies
Alumni
Jun 3, 2019 12:49:00 PM

Sorry, but those fees add to the cost of the residence.  They are not otherwise deductible.

Level 2
Jun 3, 2019 12:49:01 PM

Thank you!  I am delighted to learn that when I sell my home it will reduce the taxes I will incur since I have lived here many years and the value increased beyond the exclusion.