I understand that the interest on a Home Equity Loan is deductible if the loan is less than $100,000. So the questions are:
- If the HELOC goes to 0,000 does that mean all of the interest associated with the loan cannot be deducted or is it that just the interest associated with the ,000 over 0,000 can't be deducted?
- If the HELOC is 0,000 on Jan 1 2016 but ,000 by Jan 31, 2016, can all of the interest be deducted?