Even though you don't use the proceeds to improve your home,the interest on a home equity loan is deductible from your federal income taxes.

Question

Quizplus · Accepted Answer

This is true. According to the IRS, the interest on a home equity loan is usually deductible regardless of how the funds are used, as long as the loan is secured by your main home or a second home. However, there are certain limitations and restrictions on this deduction, so it's important to consult with a tax professional or the IRS website for more information.

Even Though You Don't Use the Proceeds to Improve Your