The deduction amount includes the interest you pay on your mortgage, home equity loan, home equity line of credit (HELOC) or mortgage refinance. If you took on the debt before Dec. 15, 2017, you can deduct interest on $1 million worth of qualified loans for married couples and $500,000 for those filing separately for the 2018 tax year.
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The new law appeared to eliminate the deduction for interest on a home equity loan, home equity line of credit (HELOC) or second mortgage (sometimes called a "re-fi") but some tax professionals, like.
Q: Is a home equity line of credit tax-deductible? A: One of the benefits of homeownership is the availability of a tax deduction for the interest paid on a mortgage.For interest paid on for many home equity lines of credit, 2017 will be the last year that interest on a home equity loan or home equity line of credit will be deductible.
Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.
The Tax Cuts and Jobs Act of 2017, enacted dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.
Like other types of mortgages, the interest on a home equity line of credit is tax deductible. Interest rates can be low, but they also are usually variable, meaning .
"The National Association of Home Builders (NAHB) applauds [this] announcement by the IRS clarifying that households can take a tax deduction on a home equity loan or home equity line of credit.
Additionally, banks often offer introductory rates and discounts on home equity lines of credit. And unlike credit cards, the interest you pay may be tax-deductible .
“Can I still deduct my home equity line of credit? Should I refinance to make it tax-deductible again?” Or just “How do I know if I can deduct the Home Equity Line of Credit (HELOC) interest?” We will.
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