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New Member

Can I deduct interest from home equity loan

 
1 Best answer

Accepted Solutions
MargaretL
Employee Tax Expert

Can I deduct interest from home equity loan

Yes, you can. It's deductible as home mortgage interest.

The following home mortgage loans are deductible as home mortgage interest:

  • Acquisition debt - mortgage taken out to buy, build or improve your home of up to $1 mln; taken out after Oct 13, 1987
  • Home Equity Debt - debt other than acquisition debt up to $100,000; limited to your home's Fair Market Value; taken out after Oct 13, 1987
  • Grandfathered Debt - mortgage taken out on or before Oct 13, 1987
  1. Federal Taxes
  2. Deductions & Credits,
  3. Scroll down to Your Home, select Mortgage Interest and Refinancing

View solution in original post

2 Replies
MargaretL
Employee Tax Expert

Can I deduct interest from home equity loan

Yes, you can. It's deductible as home mortgage interest.

The following home mortgage loans are deductible as home mortgage interest:

  • Acquisition debt - mortgage taken out to buy, build or improve your home of up to $1 mln; taken out after Oct 13, 1987
  • Home Equity Debt - debt other than acquisition debt up to $100,000; limited to your home's Fair Market Value; taken out after Oct 13, 1987
  • Grandfathered Debt - mortgage taken out on or before Oct 13, 1987
  1. Federal Taxes
  2. Deductions & Credits,
  3. Scroll down to Your Home, select Mortgage Interest and Refinancing

progresiveloan
Returning Member

Can I deduct interest from home equity loan

{SPAM REMOVED]

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