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| *Loan,banking and credit>>>car tax |
If I get a home equity loan to by a car and remodel home can I deduct the interest on taxes? |
If I get a home equity loan to by a car and remodel home can I deduct the interest on taxes? Yes. You combine the interest from the equity loan with the interest (and taxes) you paid on your primary loan. Source(s): tax preparer The best thing to do is check with your accountant, if you have one, but typically, the interest on any loan in which you use your house as collateral, can be deducted on your taxes. Interest on loans are tax deductible. I am the author of The Property Manager's Survival Guide and owner of InvestNiche.com the Property Investor's Group Services website. Accountant As long as the loan is secured by your home, then yes you can unless you use the proceeds to purchase tax-exempt investments. So if you buy a car and remodel your home with the proceeds, the heloc interest would be deductible on schedule A as home mortgage interest |
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