Interest on Home Equity Loans

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Taxes Affecting Real Estate

Section 12 of 17

Interest paid on Home Equity Loans or Home Equity Lines of Credit (HELOCs) is deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer's home that secures the loan. If the money is used for other purposes (like paying off credit card debt or buying a car), the interest is not deductible.