# is interest on a home equity loan tax deductible

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.

Under prior law, if you itemize your deductions, you could deduct qualifying mortgage interest for purchases of a home up to \$1,000,000 plus an additional \$100,000 for equity debt. The new law.

. your personal loan interest rate will probably be a bit higher than the rate you’d get on a home equity loan, and interest won’t be tax deductible, you may still decide you’d prefer a personal.

. unlikely you’d be able to get a better rate on a personal loan than you would with a home equity loan. Interest on a personal loan is never tax deductible — but you can sometimes deduct interest.

. deducting interest on other types of loans — especially mortgage and home equity loans — might wonder whether the interest on personal loans is also eligible for deduction. The answer to this.

Under prior law, if you were itemizing your deductions, you could deduct qualifying mortgage interest for purchases of a home up to \$1,000,000 plus an additional \$100,000 for equity debt. The new tax.

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IRC section 163(h)(3) defines qualified residence interest as any interest paid or accrued during the tax year on acquisition or home equity indebtedness with.

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Watch out if you have a big mortgage or home equity loan.. If this mortgage interest stuff does matter to you, here are some examples of how the new tcja mortgage interest deduction limits work.

In the tax legislation signed by President Donald Trump, the rules for deducting interest on home equity loans are getting tighter. The Tax Cuts and Jobs Act of 2017, suspends from 2018 until 2026 the.

For 2017, the loan interest is a tax deduction. Will that no longer be true for 2018?– Traveling man A. You’re correct that there were changes in the new tax law related to these deductions. The.

The IRS allows you to deduct mortgage interest on a first mortgage but no longer can people deduct their home equity loan interest. Being able to do this is a major advantage of home ownership. Many homeowners cherish the ability to have their home equity loan interest be tax deductible, but that is all about to change in 2018.

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