Are Home Equity Loans Deductible

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WASHINGTON – The hullabaloo involving President Trump’s personal attorney, Michael Cohen, is a good time to remind you of a key change in the tax deductibility of home-equity loans. Cohen contends.

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Under the new law, home equity loans and lines of credit are no longer tax-deductible. However, the interest on HELOC money used for capital improvements to a home is still tax-deductible, as long as it falls within the home loan debt limit.

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.

One of the benefits that home equity loans and home equity lines of credit (HELOCs) have over other borrowing options is that the interest is tax deductible.. When you take out a personal loan or borrow from a credit card, for example, you pay a higher interest rate and cannot claim a deduction on your taxes.

2018 Brings changes to the Home Equity Loan Deduction for Los Angeles Homeowners. The trump tax plan will likely leave you paying more taxes than.

NEW YORK (CNNMoney) – The new federal tax law created a lot of confusion over whether tax filers may still deduct the interest they pay on their home equity loans and home equity lines of credit. The.

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.

Is a Home Equity Loan Tax Deductible in 2018? In the past, this tax deduction allowed up to $100,000 per year, and generally helps homeowners to save at least a few hundred or thousands in taxes every year. The IRS limited people to the number of homes that are eligible for this tax deduction.

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