Home equity lines of credit (HELOC) are loans that offer you money to use when you need it and use your home to secure the loan. You can use the proceeds from a home equity line of credit for whatever purpose you need; common uses include home improvements and college tuition expenses.
The recent Tax Cuts and Jobs Act has caused consternation for taxpayers, tax preparers and even syndicated columnists. In a recent column, we addressed the issue of the deductibility of interest in an.
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Dear Tax Talk, Continue Reading Below Is the interest on a home equity line of credit tax deductible or not? If it is, do I have to itemize, or can I take the standard deduction? – Lynn Dear Lynn,
A home equity loan or line of credit can be a convenient source of funding when you want to spruce up your home. Snagging a tax deduction for the interest you pay is an added perk.
Home equity interest may still be deductible in many cases, according to the IRS, even though the tax deduction for home equity interest was eliminated by the Tax Cuts and Jobs Act of 2017 ("TCJA").
For additional information, see the Presidential Home Equity Line of Credit Disclosure Statement. Tax Deductions. Unlike credit card interest and other non-mortgage interest you may pay, you can deduct the interest you pay on a home equity line of credit for federal income tax purposes, subject to the requirements of the Internal Revenue Code.
"Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living.
Previously, interest was deductible only on up to $100,000 of home equity debt. However, you got that deduction no matter how you used the loan – to pay off debts or to cover college costs, for example. On the other hand, interest on home equity money you borrow for non-renovation purposes is no longer tax deductible.
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