According to the IRS, the Tax Cuts and Jobs Act states that interest paid on home equity loans and lines of credit is still deductible, as long as they money is used to "buy, build or substantially.
Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home.
So as Americans digested the details of the tax bill that. planned to use a home equity line of credit to pay their share of the annual college bills all at once, and then repay the debt in full.
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Another tax change HELOC borrowers should know about: The Tax Cuts and Jobs Act lowered the cap on the amount of home loan debt that qualifies for the interest deduction from $1 million to $750,000.
Old Rules. Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.
With the new GOP Tax Plan. to pay off credit cards or use it to buy that new car you’ve been eyeing. In the end, what you use the money for is up to you. Whether or not that use is deductible is up.
21, 2018 – The IRS today advised taxpayers that in many cases they can. Responding to many questions received from taxpayers and tax. can often still deduct interest on a home equity loan, home equity line of credit.
The limit on deductible interest for your mortgage is now $750,000 of. home equity loans and lines of credit are no longer tax-deductible.
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Before you decide to take out a home equity line of credit, it's smart to know whether the interest on your HELOC might be tax-deductible.. If you do end up deducting your HELOC interest, it would be claimed on IRS tax form.
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.