Home Equity Debt

Description and Definition of Home Equity Debt

Debt secured by a principal residence or second home to the extent of the excess of the loan above the loan used to buy, build or substantially improve the property. You can deduct as an itemized deduction the interest on home equity debt up to $100,000 – or $50,000 if married filing separately.

Resources

See Also

Further Reading

• Home Equity Debt in the West's Tax Law Dictionary
• Home Equity Debt in “A Dictionary of Taxation”