HELOC
Is a HELOC tax deductible? Or is it taxed as income? Thanks! by dongray from Dallas, Texas. Jun 7th 2010
Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions
It's always best to consult a tax adviser, (yes I know you hate hearing this disclaimer) but there are so many variables it's hard to give advice on this one. Bankrate.com has some good information on this. Copy this URL and paste it into your browser to read what they say.http://www.bankrate.com/brm/news/loan/19990203.asp Hope it helps. Gregorio Denny -- WeFixRates.Com --
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions
The portion of repayments on mortgages that goes towards paying down the interest of your loan is tax deductible. Hope this helps.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
You need to speak toyour CPA or tax professional.My 2 cents is HELOC interest is not tax deductible, if it was not part of the "purchase money." ... It isn't taxed as income, because this is borrowed money. .... Happy funding, Rudi
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