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AMT and home equity loans Archived From: Finance

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alert mods    
   posted: Dec. 3, 2003 @ 11:38a

I couldn't find this with a search for "AMT", so I figure that I would share this info. It seems that a home equity loan is only deductible, under the AMT, when used for buying, building, or remodelling a first or second residence:

http://www.smartmoney.com/debt/advice/index.cfm?story=debttaxes

The article also mentions that only the portion of a home equity loan up to 100% LTV is deductible, but I believe that has already been discussed here.

--Galabar


alert mods    
   posted: Dec. 4, 2003 @ 10:21a

This is correct, but the only way most people will learn of it is when they get audited and the IRS agent asks about any cash-out refinancing.


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