Consumerism Commentary - Latest Comments in Seven Home Equity Tips, Part 5: Get the Tax Deductionhttp://consumerismcommentary.disqus.com/NoneenSat, 25 Aug 2007 16:54:52 -0000Re: Seven Home Equity Tips, Part 5: Get the Tax Deductionhttp://www.consumerismcommentary.com/2007/08/24/seven-home-equity-tips-part-5-get-the-tax-deduction/#comment-21308472<p>This is a little misleading. The $100,000 limit on home equity debt does not apply if the money is used for home acquisition or home improvement.</p><p>It's also important to note that HELOC or second mortgage debt that doesn't qualify as home acquisition debt is not deductible at all if you are subject to AMT.</p>thcSat, 25 Aug 2007 16:54:52 -0000Re: Seven Home Equity Tips, Part 5: Get the Tax Deductionhttp://www.consumerismcommentary.com/2007/08/24/seven-home-equity-tips-part-5-get-the-tax-deduction/#comment-21308471<p>I never quite understand the 'its good for taxes' arguments on mortgage products. I agree with you that staying out of debt is the best choice.</p>The Happy RockFri, 24 Aug 2007 10:37:48 -0000