Re: I have a heloc, do I pay taxes on the heloc draws?

I have a heloc, do I pay taxes on the heloc draws?

Do I pay taxes on a HELOC loan?

posted

No.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Money from a loan is not taxable income because you have promised to pay it back. However, if you stop paying on the loan (declare bankruptcy, foreclosure, etc.) then anything you don't have to pay back does become taxable at that point, because you get to keep it.