Homeowner buys house for $200,000. Has a $160,000 mortgage paid down to $150,000.
Three years ago the FMV of the house was $205,000 and a $40,000 home equity loan was taken out. The FMV of the house is now $150,000. Is the interest on the home equity loan still deductible?
Three years ago the FMV of the house was $205,000 and a $40,000 home equity loan was taken out. The FMV of the house is now $150,000. Is the interest on the home equity loan still deductible?
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