Do you have to report home equity loan on taxes?

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Maye Christiansen asked a question: Do you have to report home equity loan on taxes?
Asked By: Maye Christiansen
Date created: Mon, May 17, 2021 11:04 PM
Date updated: Thu, Jun 23, 2022 6:37 PM

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Top best answers to the question «Do you have to report home equity loan on taxes»

Home equity loan interest may be tax deductible if the borrowed money was used to buy, build or improve your home.

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Second, in some areas you may have to pay a mortgage recording tax when you take out a home equity loan. This may be assessed by your state, county or municipality and are based on the loan amount. So the more you borrow, the higher the tax. They're fairly uncommon though, and found in only a few states. Guidelines for home equity loan tax deductions

If you took the money and did not spend it on your house, you still can write off your mortgage interest on this home-equity debt up to $100,000. Selling Your Property

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