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Is Home Equity Loan Interest Deductible

Deductible Home Equity Loan Interest

To determine whether your home equity loan interest is tax deductible, you must first insure that the terms of your loan satisfy the IRS requirements to claim the interest tax deduction. First, the bank that you obtain the home equity loan from must take a security interest in the home you borrow against. All that this means is that the lending bank has an ownership interest, or collateral, in your home in case you don’t repay the home equity loan. It is this same type of security interest that allows banks to foreclose on so many homes these days.

Home Equity Loan Interest is Tax Deductible on Qualified Homes

The IRS only allows you to deduct the interest payments you make on a home equity loan if it’s for a “qualified home.” A qualified home includes a maximum of two personal residences you own. The first is always the main place where you live for a majority of the tax year. The second can be any other home you own as long as you use it for personal purposes rather than as an investment or rental.

The Home Equity Interest Deduction Limitations

Unlike the original mortgage you take out to purchase or improve your home, the amount of interest you can deduct on a home equity loan is extremely limited. You can only deduct the interest that accrues on the smaller of $100,000 or the equity you have in that home. For purposes of deducting home equity interest, your equity is equal to the fair market value of the home (the price you can obtain if you sell it) less any outstanding mortgage balances you have. However, for purposes of calculating your equity in the home, you disregard the home equity debt.

Reference: IRS Publication 936-Home Mortgage Interest Deduction