I made a home equity loan in '06, made three purchases. How will that affect my taxes when I file this year?

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2007-01-17 02:10:13 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes

The interest that you paid on the home equity loan is deductable the same as regular mortgage interest.

2007-01-17 02:17:10 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋

Home equity loans are usually only tax deductible if you itemize. Keep that in mind.

Good luck!

Frank

2007-01-18 07:38:25 · answer #2 · answered by Corporate Banker 2 · 0⤊ 0⤋