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No. A Home Equity Loan or a Home Equity Line of Credit is not reported on your tax return as taxable income.
The cost of the improvement to your personal residence is included in the Adjusted Basis of the home when the home is sold.
No, the loan is not taxable income. It is money you have to pay back and pay interest on until it has been repaid to the lender.
No. A Home Equity Loan or a Home Equity Line of Credit is not reported on your tax return as taxable income.
The cost of the improvement to your personal residence is included in the Adjusted Basis of the home when the home is sold.
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