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Tax Deduction Consulting: Home Equity Deductions Gardnerville NV

Home equity loan tax deductions, like all deductions having to do with mortgage interest are subject to some rather complex and frequently changing IRS regulations. Read and find out more.

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Jeffrey Goldman
450 Hillside Drive #A107
Mesquite , NV
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Title: Financial Consultant
Company: Jeff Goldman
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Investment Advisor Rep: Yes
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Rensselaer Polytechnic Institute/Bachelor of Science
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Years Experience: 6
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Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Fee Only Portfolio Managem

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LAs Vegas, NV
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(702) 898-1280
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Henderson, NV
 
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Henderson, NV

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King's Accounting
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South Lake Tahoe, CA
 
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1635 Villiage Center Circle 140
Las Vegas, NV
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Arizona State University Five
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Liberty Tax Service
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4211 W Sahara Ave # G
Las Vegas, NV

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Las vegas, NV
 
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Tax Deduction Consulting: Home Equity Deductions

Home Equity Loan Tax Deductions

Home equity loan tax deductions, like all deductions having to do with mortgage interest are subject to some rather complex and frequently changing IRS regulations.

In order to understand home equity loan tax deductions, it is necessary to be familiar with some basic IRS terminology concerning the ability to claim mortgage interest as an itemized deduction. The key date seems to be October 13, 1987. Mortgage loans for qualified homes that were taken out before this date are said to be "grandfathered" loans. Another term with which you must be familiar is "qualified" home. This usually refers to any home that is used as a primary or secondary residence. Homes that are purchased for investment and not used as a personal residence are treated differently.

Another IRS term is Fair Market Value, or FMV. This is an important figure for tax purposes for several reasons. The FMV is calculated in the same manner, substantially, as the assessment process for the securing of a mortgage. In other words, the selling price of similar homes in the same general area is used to establish the FMV of a home. Why this is important when you consider a home equity loan tax deduction is that the interest is deductible only on the portion of the loan that does push the total of your other mortgages or grandfathered mortgage over the FMV.

The interest on a home equity loan of up to $100,000 is deductible regardless of the how you use the proceeds of the loan. This means that you can take out a $100,000 home equity loan and use the money to pay off debts with much higher interest rates that do not allow you to deduct the interest. From a financial point of view, it would make sense to take out a home equity loan and use the money to pay cash for a new automobile. Since the interest on an automobile loan is not deductible, you would get the extra savings.

However, the catch is that you must actually have the equity in your home. If you have a home...

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