home equity indebtedness
Defined in 1 place of the United States Code.
The term “home equity indebtedness” means any indebtedness (other than acquisition indebtedness) secured by a qualified residence to the extent the aggregate amount of such indebtedness does not exceed—
(I) the fair market value of such qualified residence, reduced by
(II) the amount of acquisition indebtedness with respect to such residence.
Source
- 1994–present26 U.S.C. § 163Internal Revenue Code · Interest · under this chapter