Is Home Equity Line of Credit Interest Tax Deductible?

by HomeLoan.com

Home equity lines of credit that are secured by a primary residence or a second home are tax deductible as long as the legal limit isn't reached. The current limit for deductible home debt on first and second homes is $500,000 for a couple filing separately or $1 million if filing jointly.

References

IRS Deductibility Rules

Featured Articles

Are Home Equity Lines of Credit Tax Deductible?Only the interest on a home equity line of credit is tax deductible, not the entire amount of the ...
How Bad Credit Home Equity Loans WorkA home equity loan represents money borrowed against up to 85 percent of the equity in a house. Bad credit ...
Home Equity FAQTwo lending options available to homeowners are home equity loans and home equity lines of credit. Each of these options offers a ...
About VA Home LoansVeterans of the United States Armed services are eligible to receive loan money to buy a home with a VA loan. As long as you ...
How to Get a House Loan With Bad CreditIf you have bad credit, purchasing a new house may seem like an impossible task. Lenders do not like risks ...