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Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)

Question: Is interest on a home equity line of credit deductible as a second mortgage?

Answer:

You may deduct home equity debt interest as an itemized deduction, if all the following conditions apply:

  • You pay the interest in the tax year
  • The debt is secured with your home
  • The home equity debt is limited to the fair market value of the home reduced by home acquisition debt, up to a total of $100,000 ($50,000 if filing as married filing separately).

Additional Information:


Category: Itemized Deductions, Standard Deductions
Subcategory: Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224