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:
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
myf16
Senior Member - 1K
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.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
