Note: The IRS has provided clarification (you can read it here). Borrowers can still often deduct interest on a home equity loan, home equity line of credit or second mortgage. You can generally.
Interest on Home Equity Loans Often Still Deductible Under New Law. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage,
In the past, homeowners who took out home equity loans were able to deduct the loan’s interest up to $100,000 from their taxes. Under the new tax bill, this deduction is a thing of past.
Q: Can I still deduct the interest on my $100,000 home equity loan that I took out before the new tax law? A: Maybe. If you did not spend the proceeds to buy or improve your first or second.
Prior to the Tax Cuts and Jobs Act (TCJA), taxpayers were permitted to deduct interest on home equity debt. That was true specifically for those.
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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. Dates are important here, too.
Deductible mortgage interest is any interest you pay on a loan secured by a main home or second home that was used to buy, build, or substantially improve your home. For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million.
Can you still deduct interest on a home equity loan or a home equity line of credit (HELOC) under the new law? Yes – but only in certain.
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An equity loan is a second mortgage used to borrow against the equity in your home. When the second mortgage was used to purchase your home, the mortgage interest is still tax deductible in 2018. A home equity loan taken for any reason other than the purchase of the home is NOT deductible for the 2018 tax year.
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