My house is worth $500k. i owe $125k on my house. i take out a home equity loan for $200k. i use $125k to pay off my 1st morgage, and use the other 75k to buy a car.Now how much of the home equity loan is tax deductible? and why?Not sure. I don't have my tax books and today's a holiday in Nevada, Statehood Day. (I'm taking a brake.) I do know it would be poor planning. Equity loans are usually higher cost than refinancing. Refinance for less than the original loan and use the money for the car and you have a legal deduction.
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