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Is a Home Equity Line of Credit Tax Deductible?
A line of credit can be extended to a business or an individual based on the equity of the property put up… More
Building a credit line enables an individual or business to have access to the checking account of a bank,… More
A revolving line of credit is money from a credit card, loan or second mortgage that is available for use … More
The three most popular types of bank loans include unsecured personal loans for less than $5,000, automobi… More
To get a home equity line of credit, go to a local bank. Learn how to get a home equity line of credit wit… More
To build unsecured lines of credit, accrue a small amount of credit card debt and make timely payments, an… More
When looking for a home equity line of credit, consider the repayment period, the interest rate offered on… More
Wondering how a home equity line of credit works and whether it could help improve your financial picture?… More
A home equity line of credit can be beneficial in that it can be used to pay off consumer debt, and it can… More
A home equity line of credit, known as a HELOC, is absolutely tax deductible, as Congress passed an act re… More
A home equity loan can be a smart move for getting money using the equity within your home. Although the i… More
A credit card is issued by a bank to a creditor based on the credit worthiness of that creditor. Learn abo… More
Receive business lines of credit by contacting local suppliers, visiting the local bank, researching the c… More
Home equity lines of credit with flex line are set up ahead of time to ensure that the bank is obligated t… More
Summary: A home equity line of credit, known as a HELOC, is absolutely tax deductible, as Congress passed an act regarding the deductibility of mortgages. Learn about home equity lines of credit with information from a registered financial consultant in this free video on personal finance.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
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"This is financial adviser Patrick Munro answering the question: Is a home equity line of credit tax deductible? A HELOC, or home equity line of credit, is absolutely tax deductible because of Congress' act on mortgages and the deductibility of mortgage. A home equity line of credit is really a second mortgage position from the principal mortgage position, and you have significant equity in your home, you can take a portion of it out for the purposes of spending it on a worthy endeavor such as college education, buying a second residence, perhaps a vacation -- things of that nature -- or just to have an outside credit line for you. Whatever your payment is over the course of that mortgage is tax deductible so that at the end of the year, you'll receive a form and you can use that to your benefit to lower your existing income taxes. That's the only type of debt that really is good debt because it does trigger a tax deductibility. Any mortgage debt does. This is Patrick Munro, financial adviser, answering the question: Is a home equity line of credit tax deductible?"
eHow Article: Is a Home Equity Line of Credit Tax Deductible?
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