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 Are home equity lines of credit tax deductible?

Answer Only some of the interest on home equity lines of credit is tax deductible. The amount you can deduct depends on your filing status and how you use the proceeds of the loan.Interest LimitsFor most ... Read More »
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Top Q&A For: Are home equity lines of credit tax deductible

Is a home equity line of credit tax deductible?

If you have high-interest loans, a home equity line of credit may be advantageous--not only is the interest rate lower, but it may be tax deductible as well. If you already use a Schedule A, you ca... Read More »
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Is a home equity line of credit (HELOC) tax deductible?

The interest on a home equity line of credit (HELOC) is tax deductible up to a limit. To claim the deduction, you must file your taxes using Form 1040 with attachment Schedule A.What is a HELOC?A H... Read More »
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Are home equity credit lines bad?

On One Hand: Danger of ForeclosureA home equity line of credit (HELOC) uses your home as collateral for a loan, which means that if you fail to repay the loan, you could lose your home. In addition... Read More »
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Are home equity lines of credit dischargeable?

On One Hand: It's Possible.Theoretically, any debt can be discharged. Debt is discharged when the lender agrees to forgive some or all of the debt. Since the decision is entirely up to the lender, ... Read More »
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