How do I get a loan against the equity in my home.
How to calculate for the form 941 total income tax?
If I am retired do I pay state income tax?
If I work an internship in another state how do I go about paying state income tax?
What can you tell me about paying state income taxes in two different states?
What do I need to know about Oregon Income tax for residents of Vancouver?
What happens when you do not pay a home equity loan?
taxes
Question by abd (34)
Answer by Kristine (145)
You cannot claim a home equity loan on your income taxes generally, but you can deduct the interest on your Schedule A if you itemize your deductions.
Answer by peach (138)
Interest that is paid out is deductible if you are using the itemize deductions. That would be filled in on the other schedule and then transferred to the 1040 form.
Answer by Touchdown (317)
Yes, if you are doing an itemized return you are able to claim the interest from a home equity loan as a deduction.
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