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the proven resource for selling, financing, maintaining and improving your home
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Free FSBO Guide
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the best
For Sale By Owner book
The best-selling guide book
for all sellers. FSBOComplete™ is organized into 8 Simple Proven Steps, guaranteed to help you sell your house.
FSBOComplete™ gives sellers knowledge and control of the whole
selling process + the know-how that puts sellers on equal footing with realtors.
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FSBOComplete™ eBooks.
By reading and following FSBOComplete™ proven guides, you, the For Sale By Owner
seller, will find the answers to your questions and:
- Sell your house for the most money, in the shortest time, with the least aggravation
- Get the know how that will put you, the For Sale By Owner seller, ahead of your competition, like how to:
- Maximize your profit by setting the right price
- Handle inspection issues
- List your house on the Internet for FREE
- Gain knowledge and control of the whole selling process
- Learn to negotiate like the top agents
- and much, much more
Tax Home Equity
© 2007 Complete Books Publishing, Inc.
Summary: Generally speaking, the interest you pay on loans secured by your home are tax deductible, but there are certain limitations.
You can deduct the interest you pay for your home equity loan, but there are certain limitations.
Generally, home mortgage interest is any interest you pay on a loan secured by your main home or
even a second home and includes home equity loans.
These home equity loan tax deductions include home equity loans and home equity lines of credit.
The conditions that must be met for home equity loan tax deductions are:
1. You must file Form 1040;
2. You must itemize your deductions on Schedule A;
3. You must be legally liable for the loan and both you and the lender must intend for the loan to be repaid.
In other words, the IRS wants to make sure that you are not trying to evade taxes, such as the gift tax,
by using a home equity loan as a subterfuge in order to qualify for home equity loan tax deductions;
4. The debt must be secured by a mortgage, deed of trust or land contract. In other words you have put up your home as collateral in order to qualify for home equity loan tax deductions.
Although home equity loan tax deductions are for homes, in addition to your primary home, these can include a second home, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking and toilet facilities.
Remember: The above is a general overview of home equity loan tax deductions and is not intended to be legal advice. The IRS has additional regulations and limitations. We advise you to look up IRS Publication 936 as well as consulting your tax advisor before taking any home equity loan tax deductions.
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