2007-04-12 04:20:35 · 4 answers · asked by cjray4 3 in Business & Finance ➔ Taxes ➔ United States
Yes. You combine the interest from the equity loan with the interest (and taxes) you paid on your primary loan.
2007-04-12 04:24:44 · answer #1 · answered by Fancy That 6 · 1⤊ 0⤋
As long as the loan is secured by your home, then yes you can unless you use the proceeds to purchase tax-exempt investments. So if you buy a car and remodel your home with the proceeds, the heloc interest would be deductible on schedule A as home mortgage interest
2007-04-12 04:36:20 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The best thing to do is check with your accountant, if you have one, but typically, the interest on any loan in which you use your house as collateral, can be deducted on your taxes.
2007-04-12 04:26:31 · answer #3 · answered by veesmom 4 · 0⤊ 0⤋
Interest on loans are tax deductible.
2007-04-12 04:26:57 · answer #4 · answered by Richard Stephens 2 · 0⤊ 2⤋