| Many people are mistaken, and believe a home equity loan or a home equity "line of credit" is not a mortgage. This type of loan is, in fact, a mortgage and, like any other mortgage, can be tax-deductible. See your accountant for tax advice on this subject. A home equity line of credit is deemed a mortgage if it exceeds a certain amount, which allows you to write off any interest paid during that year. Please check with your tax advisor or account to discuss any specific state tax laws which may affect your interest tax write off. |
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