Home Equity Loans Can Be Tax Deductible — Depending on How You Use Them

by | Feb 26, 2021 | In The News

Published on February 26, 2020 by NextAdvisor
“A lot of people think, ‘I have a mortgage, and I can use the interest as a deduction on my tax return.’ But you have to exceed that amount of standard deduction to be able to do that,” say Karl Schwartz, CPA, certified financial planner, and principal and senior financial adviser at Team Hewins, a financial planning and investment firm. “If they don’t have much in other deductions, then they may not be able to use any of [the home equity loan interest].”