Interest rates are creeping higher.

If you have been considering a home equity loan or home equity line of credit, you might want to pull the trigger while interest rates are still low.

But before you go to the bank and draw up the paperwork, you need to know how tax law treats these loans. If you think the interest on your loan is automatically deductible, you are in for a surprise.

Tax law may give you a deduction with one hand (regular income tax deduction) and take it away with the other (the alternative minimum tax).

This sleight of hand means that if you are a high-income earner, you could lose up to 100 percent of the tax benefit ... Log in to view full article.