Your home equity can help at tax time

Find out what tax deductions you can take on your next filing

Although you reap the benefits of homeownership all year, you may be particularly happy about your homeowner status at tax time. That's because the federal government wants more Americans to invest in residential real estate, so it offers tax deductions and benefits to provide extra incentive.

This can add up to significant savings and a bigger tax return. Make sure you take full advantage of your home equity loan or line of credit at tax time.

Deductions for Home Equity Loans and Lines of Credit

The interest you pay on money borrowed from your home is often tax deductible. Deduction eligibility depends on factors such as, when you opened your traditional and home equity loans, how much equity you have in your home, and how much you borrowed.

Deduct your home mortgage interest and relish the tax savings. Remember to talk to your tax advisor first to ensure you get the savings you deserve.
Visit www.irs.gov for more information.

And remember, you can even use your home's equity to pay your taxes.