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The answer to the question of whether interest on a home equity line of credit is tax deductible is maybe. If you need cash and have equity in your home, a home equity loan or line of credit can.
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The new bill makes a number of significant changes to the tax code, including doing away with the deduction for the interest paid on home equity loans. Here is what you need to know about that change.
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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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When the Tax Cuts and Jobs Act was passed in December 2017, it was widely reported that the deduction for home equity loan interest was.
HELOC money used for anything other than improving your residence – such as paying down debt – is no longer tax-deductible, but that doesn’t mean that a HELOC isn’t a valuable tool. The limit on deductible interest for your mortgage is now $750,000 of indebtedness for tax years 2018 through 2025.
Another tax change heloc borrowers should know about: The Tax Cuts and Jobs Act lowered the cap on the amount of home loan debt that qualifies for the interest deduction from $1 million to $750,000.
The elimination of the deduction for interest on home equity debt. credit ( HELOC), or second mortgage, regardless of how the loan is labeled.
To qualify for a home equity loan tax deduction, it only needs to have been obtained after October 1987. The home equity loan must be secured by your home. The interest on a HELOC loan was also deductible in most instances before the Congress passed the tax reform bill in December of 2017.
Tax rules for home equity loans One of the main concerns people have about home equity loans has to do with how they are affected by tax policy. Specifically, what are the rules when it comes taxation and taking a deduction for the home equity loan interest that you pay?