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Tax Advantages
One great advantage to consolidating your debt through a home loan is the potential
tax benefits. Most states permit tax deductions on home loans.
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You can take these tax deductions only if you itemize your deductions (rather than
using the standard deduction).
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Interest is generally tax-deductible on home equity loans and lines of credit—unless
your draw exceeds $100,000 and no home improvements are made.
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It's always best to speak with a tax advisor to make sure you're maximizing the
interest deductions on your taxes.
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For complete details on how deductibility of home loan interest and other expenses
will affect your specific tax situation ask your tax advisor.
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