What would you like to do?

Can you write off a home equity line-of-credit like you would a first or second mortgage on your tax returns?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

You may write off up to 100,000 dollars. Also, the interest expenses you pay on a home equity loan may be deductible no matter what you use the money for. The deduction can save you money on your taxes on your return as long as you itemize your deductions on Schedule A of Form 1040. If you claim your standard deduction, then you can never deduct the interest expenses that you paid on your home equity loan.
Thanks for the feedback!

Where can you get a home equity line or second mortgage to pay off a foreclosure?

 Answer   First try to work out a repayment or forbearance plan with the existing lender.     If that doesn’t work, find a good mortgage broker who can shop le

Is an equity line of credit considered a second mortgage?

YES IT IS you are borrowing on the equity of your home and the loan institution will hold a lien on it.    A Home Equity Line of Credit (HELOC) differs from a second mortg

What is the difference between a second mortgage and a home equity loan?

    Answer     The difference is pretty simple, a 2nd mortgage is just that it's a mortgage that is in 2nd lien position. Basically if god forbid say a forclo

Do you have to pay taxes on a home equity line of credit?

  Answer     Presumably your speaking of federal income taxes?     Getting a loan, secured by property or not, are never a taxable event. (Not paying it

Can a Home equity loan be a first mortgage?

It depends on state laws. They vary by State- but in most states you can have a home equity first or second. Just understand that some states, like Texas, also restrict the lo
In Uncategorized

What are the 5Cs?

If you mean the 5 C's, like you learn in school and such, it's Cotton Citrus Copper Climate Cattle

Can you refinance a first mortgage without paying off an existing home equity line of credit?

Typically you can refinance the a Primary Mortgage without refinancing the second line of credit or equity loan. It will require a subordinaion agreement by the lien holder of