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DEDUCTING HOME EQUITY:
How to run an equity equation
  • Locate your Schedule A, an IRS form used to add up your eligible deductions, including mortgage and home equity interest payments, medical expenses and charitable donations.
  • Find the annual statements provided by your mortgage and home equity lender. Determine how much interest you can deduct and enter the result on the appropriate line, which can be found under the "Interest You Paid" subsection of the form.
  • Take the sum of all your itemized deductions and compare it to the standard deduction allowed all taxpayers for the current tax year. If the itemized number is greater, you should qualify for additional tax relief.
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See Also
Time to tap your home's equity?
When renovating a home, use the loan wisely
Home equity loans and lines of credit: Similar loans, different purposes
Home equity loans: The basics

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Home Equity
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
$30K HELOC 4.35%
$50K HELOC 4.06%
$30K Home equity loan 5.06%
Rates may include points



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