However, interest on home-equity debt is not deductible if the proceeds are used to purchase tax-exempt securities and is generally not deductible for alternative minimum tax (Sec.
The home-equity debt category represents an exception to the general rule provided in Temp.
Student debt now exceeds aggregate auto loan, credit card and home-equity debt
balances a making student loans the second-largest debt of U.
While financial institutions may not be eager to provide home-equity lines of credit in the current environment, during the past several years the amount of home-equity debt
homeowners have layered on top of primary mortgages has risen to over $1 trillion.
You can use the proceeds of a home-equity loan to pay off your high-interest credit-card balances and, in most cases, fully deduct the interest you pay on home-equity debt
Between mortgage financing and refinancing, along with increasing levels of home-equity debt
, many middle-income households are relying on their ongoing income to service a monthly mortgage.
html) The Federal Reserve Bank of New York has come out with data that indicates student debt figures have exceeded aggregate auto loan, credit card, and home-equity debt
balances, becoming the second largest debt of U.
You can use the proceeds of a home equity loan to pay off your high-interest credit-card balances and, in most cases, fully deduct the interest you pay on home-equity debt
Yet rising mortgage rates, an overhang of home-equity debt
for some homeowners, and sluggish average income increases also are making it tougher for many buyers now.
163(h)(2)(d), "qualified residence interest" (QRI) includes interest paid or accrued during the tax year on (1) acquisition debt on a taxpayer's qualified residence or (2) home-equity debt on a taxpayer's qualified residence.
163(h)(3)(C) defines home-equity debt as any debt (other than acquisition debt) secured by a qualified residence, to the extent it does not exceed the residence's fair market value reduced by any outstanding acquisition debt the residence secures.
Qualified home mortgage interest is generally divided into two categories: interest on acquisition indebtedness and interest on home-equity debt