How do I know if the interest is tax deductible? Bank says consult tax advisor, which I guess I'll have to, but does anyone have some thoughts?Hello again.That answer's in IRS Publication 936, Home Mortgage Interest Deduction. Esentially, an equity line of credit has to be less that $100,000 and added to the existing mortgage, has to total less that the Fair Market Value (and can't exceed $1,000,000). There are some other restrictions, read the publication for a full explanation.
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