AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Question What are the rules for deducting interest on HELOCs?
Answer Walt,
Thanks for your question.
Basically, the rules are the same as for any mortgage on the house. The loan must be secured by a mortgage on the house. If the loan was not used to buy, build, or improve your house interest on any amount in excess of $100,000 is not dedutible. Additionally, interest on loans in excess of the fair market value of the house are not deductible.
