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The new tax law commonly referred to as the Tax Cuts and Jobs Act (TCJA) curtailed personal tax deductions for mortgage interest. While interest deductions on new borrowings are subject to a lower ceiling, interest on home equity loans is now disallowed altogether.
The tax benefits of home equity lines of credit, or HELOCs, are very similar to that of first mortgages. Yet there are differences in regard to the use of the proceeds that come from a HELOC. It’s important to know those differences if you’re considering taking a HELOC, particularly one that you get after you have purchased your home.
For taxpayers who are divorcing, the home equity interest deduction was a benefit in the past, because it allowed spouses to borrow money to pay off a divorce settlement and deduct the interest. In the future, that tax strategy will not work, because borrowing to pay consumer debt or a divorce settlement is not "acquisition indebtedness."
This has been reduced from the former limit of $1 million in mortgage principal plus up to $100,000 in home equity debt. On that note, the deduction for interest on home equity debt has.
You may have heard that your Home Equity Line of Credit ("HELOC") interest is no longer tax deductible on your individual income tax return. Although the tax law specifically states that HELOC interest is no longer tax deductible, there are certain situations in which you can still deduct the interest from your HELOC on your individual income tax return.
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The home must be your primary or second home in order for you to be eligible for this tax deduction. Typically, interest rates are also a little lower on home equity loans than home equity lines of.
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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.
Maybe you have heard the terms home equity loan and home equity line of credit. even with these low interest rates,” he said. Tax changes‘ impact home equity loans and HELOCs New laws have changed.