Is a home equity loan tax-deductible?

ANSWERS: 1

Official Know-It-All

According to the IRS, the interest on a home equity loan is tax-deductible if the loan was taken out after October 13, 1987 and totaled $100,000 or less. The loan cannot exceed the fair market value of your home reduced by $100,000. If married filing separately the loan cannot exceed $50,000.
Source:
IRS: Home Equity Debt

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