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?"
Can I deduct interest on a home equity line of credit for 2018 taxes? HELOC interest is currently tax deductible if itemizing federal income taxes. Is HELOC interest still tax deductible under the new tax law for 2018 taxes?
So the HELOC apparently must be treated as home equity debt, and interest on home equity debt cannot be treated as deductible qualified residence interest for 2018-2025. Q: I took out a $650,000.
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 going away in 2018. And to be fair, as the bill was written.
Before you decide to take out a home equity line of credit, it’s smart to know whether the interest on your HELOC might be tax-deductible. The federal tax law that was passed in December 2017.
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If you have an existing home equity line-of-credit (HELOC) or second mortgage, do you have to fold that into a new first mortgage for it to remain tax deductible under the new tax laws? It depends.
January 1st, 2018, the tax deduction on a home equity loan will be changed. This change will affect both new and existing home equity loans. 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.
Tax overhaul changes rules on the deductibility of home-equity. and credit-card loans could deduct the interest for 2017 but not for 2018.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.