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Home Equity Loan/LOC, tax deductible interest??

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  • Home Equity Loan/LOC, tax deductible interest??

    Quick question, if I use a home equity LOC or Loan to finance some home improvement projects, is the interest I pay from that loan tax deductible like my mortgage interest?

    I'm seeing some pretty competitive rates at my bank (like 3.4%), so if I also get a tax deduction, this seems like a smarter way to pay for home improvements than using cash (which I can invest instead).

  • #2
    Yes thats usually the case. I always wonder how they made sure you used it for whatever purpose you said, though sending someone out would be reasonable in this kind of transaction.

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