Jason asked:
My wife and I current do not owe a mortgage on our house (~$600K). I am considering getting a ($400K) home equity loan / mortgage. Our income would easily support the monthly payment. My questions are 1. Will the interest from the $400K loan be tax deductible or is interest on cash-out loans over $100K not eligible for deduction (I’ve heard)? 2. Will points on this load also be deductible? Thanks.
Federal Hill Baltimore Real Estate
My wife and I current do not owe a mortgage on our house (~$600K). I am considering getting a ($400K) home equity loan / mortgage. Our income would easily support the monthly payment. My questions are 1. Will the interest from the $400K loan be tax deductible or is interest on cash-out loans over $100K not eligible for deduction (I’ve heard)? 2. Will points on this load also be deductible? Thanks.
Federal Hill Baltimore Real Estate
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