How much of your home equity loan interest is tax deductible?
Author: Syd Johnson
To find out how much of your home equity loan is tax deductible, you must look the amount of money that you borrowed and the purpose for borrowing it.
As with all other financial products, before you start counting the savings from using a home equity loan to finance any type of debt, you must take a complete look at your financial picture, IRS schedules and deductions rules, and consult your tax advisor to make sure that you are getting your legal deductions and not paying back more than is needed to the IRS.
Currently, you can deduct the interest on the first $100,000 that you borrow on a home equity loan. This money can be used to finance cars, education expenses, credit ca...
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