Finance
In Georgia, interest on a home equity loan is generally deductible if:
AThe loan is for any purpose
BThe loan proceeds are used to buy, build, or substantially improve the home securing the loan✓ Correct
CThe loan is under $100,000
DThe borrower files jointly with a spouse
Explanation
Under the Tax Cuts and Jobs Act of 2017, interest on home equity loans is only deductible if the proceeds are used to buy, build, or substantially improve the taxpayer's home that secures the loan.
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