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Loans that are secured by your main home or a second home qualify for the home mortgage interest deduction. These include a mortgage to buy your home, a second mortgage, a HELOC or a home equity loan.
For homeowners, the tax law lowered the cap on deductible mortgage interest from $1 million to $750,000. There were also significant changes to how home equity loans are treated under the law. Want to.
"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.
If you use a home equity loan to buy, build or substantially improve your home, the interest you pay on that loan is tax-deductible. The 2017 Tax Cuts and Jobs Act allows homeowners to deduct interest paid on both mortgages and home equity loans and lines of credit – up to a combined total of $750,000.
WASHINGTON — It’s official: Despite widespread fears to the contrary, the IRS has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines of credit (HELOCs).
At that time there was a question regarding how to treat home equity debt. Pre-Act law Under pre-Act law, taxpayers could deduct as an itemize deduction qualified residence interest, which included.
Once again, to the extent the loan proceeds are used to acquire, build, or substantially improve the residence, the (reverse) mortgage debt is treated as acquisition indebtedness (and its interest is deductible as such), while (reverse) mortgage funds used for any other purpose are at best home equity indebtedness.
The deduction applies to interest paid on home equity loans, mortgages, mortgage refinancing, and home equity lines of credit. If you took on the debt before December 15 th , 2017, the deduction can be taken on up to a million dollars’ worth of qualified loans for married couples filing jointly and half that amount for single filers.
Later, I took out a $250,000 home equity loan to pay for an addition to my main home. Can I deduct the interest on both loans? A: Yes. You can treat both loans as acquisition debt the combined.
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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.