Home Equity Mortgage

Can I Deduct Home Equity Line Of Credit Interest

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In general, the interest on a home equity line of credit is tax-deductible, according to internal revenue service guidelines. However, exceptions and circumstances may negate your ability to claim any or all of your interest as a deduction.

The answer..it depends. It depends on what you used or are going to use the home equity loan for. Up until the end of 2017, borrowers could deduct interest on home equity loans or homes equity lines of credit up to $100,000. Unfortunately, many homeowners will lose this deduction under the new tax law that takes effect january 1, 2018.

To deduct the interest paid on your home equity line of credit, known as a HELOC, or on a home equity loan, you’ll need to itemize deductions at tax time using IRS Form 1040.

You’ll be building equity. deduct mortgage interest and tax payments from his taxes. It’s a good idea to consult with your.

Because the total amount of both loans does not exceed $750,000, all of the interest paid on the loans is deductible. However, if the taxpayer used the home equity loan proceeds for personal expenses, such as paying off student loans and credit cards, then the interest on the home equity loan would not be deductible. Example 2

Reading the answer, I’m not clear whether the interest on a Home Equity Line of credit taken out on a Rental Property would continue to be deductible in 2018 under the new law. It’s not about Mortgage Interest or about 2017.

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If you’re a homeowner, you probably qualify for a deduction on your home mortgage interest. The tax deduction also applies if you pay interest on a condominium, cooperative, mobile home, boat or recreational vehicle used as a residence.

However, if the taxpayer used the home equity loan proceeds for personal expenses, such as paying off student loans and credit cards, then the interest on the home equity loan would not be deductible.

You may still be able to deduct home equity loan interest if the loan proceeds are used in your business, but be careful. It’s important to separate business and personal finances, and loans are one aspect of that. Home equity loans and lines of credit are secured by your home. If your business fails, you can lose your home.

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