Subject to net equity and dollar limitations,a taxpayer may deduct interest on a home equity loan,secured by the residence,used to purchase an automobile.

Name: Subject to net equity and dollar limitations,a taxpayer may deduct interest on a home equity loan,secured by the residence,used to purchase an automobile.
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Interest on a home equity loan can only be deducted if it is used to buy, build, or improve the taxpayer's home. It cannot be deducted if it is used to purchase a vehicle.

Subject to Net Equity and Dollar Limitations,a Taxpayer May Deduct