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Personal loan lenders look at your total debt relative to your income. Interest on a personal loan is never tax deductible — but you can sometimes deduct interest on a home equity loan. Interest.
Rules on deducting home equity loan, HELOC or second mortgage interest. How much you can deduct: So long as you meet the criteria mentioned above, you can deduct interest paid on debt up to $750,000 (for married couples) or $375,000 (individuals).
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Taxpayers incurring home acquisition indebtedness after December 15, 2017 can only deduct interest on $750,000 of home loans (reduced from $1 million). The HELOC interest deduction is no longer available, unless the loan is used to substantially improve your home and your total home debt is under the $750,000 cap.
The chances of running up against the debt limit for the home mortgage interest deduction are slim because few people carry mortgage debt exceeding $1.1 million. However, the home equity debt.
For taxpayers who are divorcing, the home equity interest deduction was a benefit in the past, because it allowed spouses to borrow money to pay off a divorce settlement and deduct the interest. In the future, that tax strategy will not work, because borrowing to pay consumer debt or a divorce settlement is not "acquisition indebtedness."
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It also repeals the deduction for home equity debt, beginning in 2018. These changes are scheduled to sunset after 2025. In other words, in the past you could deduct mortgage interest on the first.
These distinctions of acquisition versus home equity indebtedness were important, because interest on up to $1M of acquisition debt principal was deductible (a combined limit for all debt on the primary and/or second residence), while home equity indebtedness interest was only deductible on the first $100,000 of debt principal.
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In revenue ruling 2010-25, the IRS ruled that a taxpayer can deduct as qualified residence interest up to $1.1 million of the debt securing the purchase of a taxpayer’s principal residence. While personal interest is nondeductible, qualified residence interest, which includes both interest on acquisition indebtedness and home-equity indebtedness, is