Yes, you can deduct your home mortgage interest only if yourmortgage is a secured debt. A secured debt is one in which you sign aninstrument (such as a mortgage, deed of trust, or land contract) and:Home equity debt limit. There is a limit on the amount of debt that can be treated as home equity debt. The total home equity debt on your main home and second home is limited to the smaller of:$100,000 ($50,000 if married filing separately), orThe total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home.CLICKHERE for more information about home mortgage interest

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Is interest on a Home Equity Loan deductable?

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June 3, 2019
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Best answer by KrisD15

Yes, you can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) and:

Home equity debt limit. There is a limit on the amount of debt that can be treated as home equity debt. The total home equity debt on your main home and second home is limited to the smaller of:

$100,000 ($50,000 if married filing separately), or
The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home.

CLICK HERE for more information about home mortgage interest

KrisD15Answer

Yes, you can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) and:

Home equity debt limit. There is a limit on the amount of debt that can be treated as home equity debt. The total home equity debt on your main home and second home is limited to the smaller of:

$100,000 ($50,000 if married filing separately), or
The total of each home's fair market value (FMV) reduced (but not below zero) by the amount of its home acquisition debt and grandfathered debt. Determine the FMV and the outstanding home acquisition and grandfathered debt for each home on the date that the last debt was secured by the home.

CLICK HERE for more information about home mortgage interest

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