Is a home equity line of credit tax deductible?

Answer 1

Maybe.

Interest on home equity lines up to $100,000 is deductible regardless of how the money is used.

For loans larger than that the interest is deductible only if the proceeds are used for improvements on the property pledged as security. In that case, the usual $1,000,000 limitation applies.

Answer 2

The interest paid on the loan is tax deductible as long as you itemize.