HELOC tax deductions could save you thousands when you file. To put it simply: If your HELOC was used to improve your home, you may deduct interest on lines up to $1 million ($500,000 married filing separately). If your HELOC used for other purposes, you may deduct interest on lines up to $100,000 ($50,000 married filing separately).

Although borrowing money in the form of a HELOC is riskier than taking out a traditional loan (i.e. your home must be used as collateral), the tax deduction is a huge incentive. Check out the article HELOC Taxes to learn more about how to qualify for some IRS relief.

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