Can you write off interest on a line of credit? Not a home equity loan
02963
2 Replies
TomK2023
Expert Alumni
Mar 20, 2024 2:36:21 PM
No. According to the IRS, interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer's home that secures the loan.
DoninGA
Level 15
Mar 20, 2024 2:36:49 PM
A personal line of credit? No.
A Home Equity Line of Credit? Only if the funds were used to make improvements to your personal residence.