I understand that the interest on a Home Equity Loan is deductible if the loan is less than $100,000. So the questions are:
1. If the HELOC goes to $110,000 does that mean all of the interest associated
with the loan cannot be deducted or is it that just the interest associated with
the $10,000 over $100,000 can't be deducted?
2. If the HELOC is $110,000 on Jan 1 2016 but $99,000 by Jan 31, 2016, can all
of the interest be deducted?
- posted 4 years ago