Home Equity Line of Credit Tax Deductions
Posted on 09 October 2008 by Jamie Beck
One of the advantages of borrowing money through a home equity line of credit is the possibility of deducting interest from your taxes.
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). Read more…Â
See Also:
How the Home Equity Line of Credit Came to Be
Tags | Heloc, home equity line of credit, tax deduction