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Equity Mortgage Loans
Benefits
Under current tax law, deductions for interest payments on auto
loans, student loans, vacation loans, credit cards and other
personal loans are being phased out. However, you may still be able
to deduct the interest you pay on the money you borrow from Home
Equity Loan, up to the value of your home or a maximum loan amount
of $100,000. And you can deduct the interest regardless of how you
use the money.
For
example:
let's assume your rate is 11%. If you're in a 28% tax bracket and
are able to deduct the interest, your actual tax effective rate is
7.92%.
The chart below shows what your Tax Effective Rate after taxes would
be if you were able to deduct all the interest in your home equity
loan. We've shown these figures for people who are filing their
taxes as "single", "head of household" and "married and filing
jointly". To use the chart, check your filing status and your income
then read across the line. We've shown some tax effective rates for
home improvement loans.
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