cashwell installment loans

Generally speaking, interest on home equity loans is tax-deductible, as is the interest paid on the primary mortgage you used to buy your home One of the main concerns people have about home equity loans has to do with how they are affected by tax policy. Specifically, what are the rules when it comes taxation and taking a deduction for the home equity loan interest that you pay? However, there are some significant differences worth noting. Not taxable as income There are two other tax matters to get out of the way before we talk about deductions, though. First, the funds you receive through a home equity loan or home equity line of credit (HELOC) are not taxable as income – it’s borrowed money, not an increase your earnings. Second, in some areas you may have to pay a mortgage...