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

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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.
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