Can I deduct interest from home equity loan

[MargaretL · Accepted solution]

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]

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