2007-02-01 08:57:35 · 5 answers · asked by rachel 1 in Business & Finance ➔ Personal Finance
No...just a tax deduction... and I was able to deduct my home equity line interest too...
I also received 1099's for both mortgage and home equity line.
2007-02-01 09:28:48 · answer #1 · answered by Jen G 5 · 1⤊ 0⤋
No, jsut as some of the othes have said, you can only list interest paid on your 1040 form..In MOST cases, intersest on equity loans can be listed if the money you recieved on the Equity Loan was actually used to improve your home. You cant list it if you used the equity to buy a car or a 2nd home.
2007-02-01 19:58:32 · answer #2 · answered by gene m 3 · 0⤊ 0⤋
Nope, you can deduct the interest part of your mortgage payment from your income when calculating your taxes if you itemize your deductions.
The equity portion of the payments is not deductable.
2007-02-01 17:07:19 · answer #3 · answered by Roadkill 6 · 1⤊ 0⤋
I found this http://sivu.at/03b4 article it should answer your question it has some good information on home equity and good deals etc.
2007-02-03 16:23:17 · answer #4 · answered by Tom l 2 · 0⤊ 0⤋
yeah wouldn't that be nice...no you get to deduct it on your taxes.
2007-02-01 17:03:39 · answer #5 · answered by miztiffany 3 · 1⤊ 0⤋