What is the income tax advantage of home equity loans?
A) Interest on home equity loans (loan amount up to $100,000) is tax-deductible.
B) Payments on home equity loans (loan amount up to $100,000) are tax-deductible.
C) Interest on home equity loans is tax-deductible only if it is used to improve the home, and the total debt on the home cannot exceed $750,000.
D) Payments on home equity loans is tax-deductible only if it is used to improve the home, and the total debt on the home cannot exceed $750,000.
Correct Answer:
Verified
Q63: With a single-payment loan,
A) both interest and
Q64: An installment loan is considered to be
Q65: A secured loan gives the lender the
Q66: Home equity loans are often referred to
Q67: The maximum amount that can be borrowed
Q69: Below-market interest rates on car loans are
Q70: In most cases, the _the term on
Q71: Most depository institutions use the _ method
Q72: How do you approximate the APR on
Q73: A balloon loan is a type of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents