Home equity loans have regained some of their popularity in the wake of the housing crisis.
But borrowers need to be clear about the extent of their tax deductibility — at least until (and if) Washington completes wrangling over the deficit. You’ll find the nitty-gritty in a 16-page PDF published by the IRS, from which I’ll try to furnish just the broadest of strokes.
In essence, you can deduct no more than $100,000. Except. . . Continue reading