Home Equity loan can I deduct from my taxes?
When I got the home equity loan 4 yrs ago it was for 20% over the value of the home and I used not deduct the intrest from the loan on my taxes. In the last 4 yrs the home value has gone up and both my mortgage and equity loan have gone down. I am below the value the home now and was wondering if I can now deduct the interst from my taxes. My last apprasial 5yrs ago is for about what the loans are for, but I am doing a refi and getting a new apprasal this month which will be for much more then the current loans are. In other words can I use this appraisal this month as proof that the loans are less then the value of the home for the 2007 tax period.