Can the interest/payment on a home equity loan be deducted as home office expense, the same a home mortgage ?
Tags:daily basis, home equity loan, loan payments, mortgage payment, tax benefit,
2
I have been asked to set a home bureau for my employer’s benefit. we will work from home upon every day basis. we know we can concede a apportionment of my debt remuneration as well as utlilties from my taxes, though can we deducted my home equity loan payments? Should we connect both loans to get a sum taxation benefit?
Related solution post:
- Is home equity mortgage interest deductible for home office expenses?
- Just wondering, can one have a home equity loan, and still refinance their 1st mortgage? Thank you?
- Can a new home equity loan amount be larger than your mortgage balance?
- With the interest rate decline, is this a good or a bad time to get a home equity loan?
- Home equity loan interest is tax deductible?
Mmmh I’ve noted that thanks.
BTW I’m the Tax Man (or my friends call me Lucifer).
Interest paid on a home equity loan is deductible as mortgage interest as long as the home equity loan is not greater than $100,000. If such a loan exceeds $100,000 then you would have to trace what the funds were used for to seen if any additional interest is deductible.
Interest paid on a home equity line of $100,000 or less is deductible on schedule a as mortgage interest but it is not deductible when you are computing alternative minimum tax.
Mortgage interest is defined as a loan obtained to purchase, construct or improve a personal residence plus a home equity loan of no more than $100,000. The overall limit on such loans is $1,000,000 plus the $100,000.