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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?
Yes, 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).
- Tax Topic 505 - Interest Expense
- Publication 936, Home Mortgage Interest Deduction
- Can I Deduct My Mortgage-Related Expenses?
Category: Itemized Deductions, Standard Deduction
Subcategory: Real Estate (Taxes, Mortgage Interest, Points, Other Property Expenses)