Are closing costs on a home equity loan tax deductible?

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Are closing costs on a home equity loan tax deductible?

2006-11-25 09:17:27 · 2 answers · asked by bjr808 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

2 answers

You should not be charged closing costs for a Home Equity Loan. Shop elsewhere if that's what the bank is telling you.

2006-11-26 11:11:50 · answer #1 · answered by Chilly Billy 1 · 0⤊ 0⤋

In most cases the answer is no. If you obyained the funds to make an improvement to the residence or to but a second residence then the answer would be yes.
Any points paid can be written off evenly over the life of the loan.

2006-11-25 21:07:47 · answer #2 · answered by waggy_33 6 · 0⤊ 0⤋