You may deduct home equity debt interest, as an itemized deduction, if you are legally liable to pay the interest, pay the interest in the tax year, secure the debt with your home, and do not exceed certain limitations. For more information, refer to Publication 936, Home Mortgage Interest Deduction; and Tax Topic 505, Interest Expense.

References:

• Publication 936, Home Mortgage Interest Deduction
• Tax Topic 505, Interest Expense

Source: www.irs.gov