It depends on what you used or are going to use the home equity loan for. Up until the end of 2017, borrowers could deduct interest on home equity loans or homes equity lines of credit up to $100,000. Unfortunately, many homeowners will lose this deduction under the new tax law that takes effect January 1, 2018.
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2018-04-04 · Money > Taxes > Tax Planning Tax Deduction Changes and Overlooked Deductions for 2018. Bottom Line: Here’s what you need to know about.
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With the new GOP Tax Plan now in effect for 2018 many people are wondering, "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?" Some HELOCs will still be deductible under the Trump Tax Plan others.
Can I deduct interest on a home equity line of credit for 2018 taxes? The IRS just published new guidance on this topic on 2/21/2018. I believe the answer might be different now depending on how the funds are used.
Under the tax law that went into effect this year, from 2018 until the end of 2025, homeowners who itemize can deduct interest paid on home-equity loans and lines of credit only if the. to base the.
In February 2018, the taxpayer takes out a $250,000 home equity loan to put an addition on the main home. Both loans are secured by the main home and the total does not exceed the cost of the home. Because the total amount of both loans does not exceed $750,000, all of the interest paid on the loans is deductible.
Under prior law, you could also claim itemized qualified residence interest deductions on up to $100,000 of home equity debt for regular tax purposes. off credit card balances, car loans, and.
IRS clarifies home equity loan Tax Deductions Under New Law. of interest paid on home equity lines of credit and home equity loans except when the funds are used to substantially improve the.
October 29, 2018 6 min read by Cheryl Lock Comments. A home equity loan is a method for borrowing money for big-ticket items.. home equity lines of credit is that the interest you pay is usually tax-deductible for those.