What Is Home Equity Loan

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Q. I know you get deductions for home equity loan interest if its used to pay for home related stuff but not for things like paying off credit cards. But what about if I put home improvements on a credit card (zero percent for a year) then take out a home equity loan to pay off that credit card. Would trying to save a little money up front end up costing more in the long run?

A. I think the tracing rules might allow you to allocate it as "acquisition interest", and have it work. You have be careful not to use that credit card for anything else, or the rules end up requiring a full-time accountant to trace.

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