is interest on home equity loans tax deductible

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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.

Mortgage Interest is (Sometimes) Deductible. For purchase loans, some deductions may still be available, but second mortgage deductions were updated with the Tax Cuts and Jobs Act. If you use the money for "substantial improvements" to your home, a limited deduction may still be available.

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Interest on HELOC loans no longer deductible under new tax. – The new (signed into law) tax bill states "a taxpayer may not claim a deduction for interest on home equity indebtedness" This means that case (2) loans, ‘fun money’ are no longer tax deductible, but purchase money HELOCs and remodel HELOCs are (up to the limits outlined) as they fall firmly in the case (1) definition; ‘Acquisition indebtedness’.

Is a Home Equity Loan Tax Deductible in 2018. – Find My. – 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. Under the new tax law, you may write off eligible mortgage interest on home loans up to $750,000.

Home Equity Loans: How They Work and How to Get One – So if you choose the latter, don’t be surprised if you’re forced to wait for the money. Interest on home equity loans used to be generally tax-deductible. However, the Tax Cuts and Jobs Act of 2017.

You can’t always deduct interest on home equity loans. Home equity loans and home equity lines of credit have long been an excellent way to get cash by tapping into the equity on your home. These loans were especially appealing because you could deduct the interest you paid, which meant you could take a vacation, pay your child’s college tuition, or fund a dream wedding at a very low cost.

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