Yes, the interest paid on home equity loans and home equity lines of credit is still tax deductible, even in 2018 and beyond. However, it will be subject to stricter requirements.
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The tax law signed last week by President Trump suspends the deduction on interest for home equity loans and lines of credit, ending a longstanding perk of homeownership. Under the old law, homeowners.
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Under the new law, home equity loans and lines of credit are no longer tax-deductible. However, the interest on HELOC money used for capital improvements to a home is still tax-deductible, as long as it falls within the home loan debt limit.
. over whether tax filers may still deduct the interest they pay on their home equity loans and home equity lines of credit. The new law suspends the deduction for interest on home equity.
Married couples only get a single $1 million amount. Divorce isn’t a popular tax planning technique, but it could be a way to maximize the mortgage interest deduction. Home Equity Loans: A deduction.
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What We Like About home equity loans. You can claim a tax deduction for the interest you pay if you use the loan to "buy, build, or substantially improve your home," according to the IRS. You’ll probably pay less interest than you would on a personal loan because a home equity loan is secured by your home.
Beginning in 2018, the mandates for tax-deductibility on home equity loans and home equity lines of credit became more strict, requiring the proceeds on home.
For example, if you took a home equity loan in 2016 for $20,000 and there is still a $10,000 balance on the loan, you will be able to deduct the interest that you paid in 2017 but beginning in 2018, the deduction will be lost if it does not qualify as "acquisition indebtedness".