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Irs rules on home equity line of credit?



Irs rules on home equity line of credit?

That's why whenever you apply for a home equity loan....they don't really tell you. They alway say consult your tax advisor.

Technically it's not legal, but it's in a "gray" area of the law.

I know of tons of people who have taken the interest off their taxes and haven't been challenged. I would not worry about it.
I believe that the interest on a home equity loan is tax deductible.
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