I used money from my home equity loan to pay off some of my personal debts. Can I deduct interest?
I used money from my home equity loan to pay off some of my personal debts. Can I deduct interest? In some instances, it is possible for individuals to deduct the interest of such home equity loans on their state and federal taxes, which are, or at least should be, filed annually the Internal Revenue Service. Despite the fact that the money can be used for reasons other than to buy, build or improve an individual’s place of residency or home, the debt for which the home equity loan is used may still allow the loan’s interest to qualify as...