Comments on: Can the interest/payment on a home equity loan be deducted as home office expense, the same a home mortgage ? http://nxus.net/can-the-interestpayment-on-a-home-equity-loan-be-deducted-as-home-office-expense-the-same-a-home-mortgage.html Solution to your Niche Question Sat, 15 Oct 2011 00:02:34 +0000 hourly 1 http://wordpress.org/?v=3.1 By: DillyDallyLama http://nxus.net/can-the-interestpayment-on-a-home-equity-loan-be-deducted-as-home-office-expense-the-same-a-home-mortgage.html/comment-page-1#comment-6002 DillyDallyLama Wed, 10 Feb 2010 07:37:57 +0000 http://nxus.net/can-the-interestpayment-on-a-home-equity-loan-be-deducted-as-home-office-expense-the-same-a-home-mortgage.html#comment-6002 Mmmh I've noted that thanks. BTW I'm the Tax Man (or my friends call me Lucifer). Mmmh I’ve noted that thanks.

BTW I’m the Tax Man (or my friends call me Lucifer).

]]> By: waggy_33 http://nxus.net/can-the-interestpayment-on-a-home-equity-loan-be-deducted-as-home-office-expense-the-same-a-home-mortgage.html/comment-page-1#comment-6001 waggy_33 Wed, 10 Feb 2010 07:37:57 +0000 http://nxus.net/can-the-interestpayment-on-a-home-equity-loan-be-deducted-as-home-office-expense-the-same-a-home-mortgage.html#comment-6001 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. 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.

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