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are home equity lines of credit tax deductible

It’s a big question for many homeowners since the December tax-law changes: Are new interest-deductible home-equity credit lines – well known as HELOCs – and second mortgages now totally out of reach?

With a home equity line of credit (HELOC), you have the ability to borrow or draw money multiple times from an available maximum amount.

The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

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The tax law signed last week by President Trump suspends the deduction on interest for home equity loans and lines of credit, ending a longstanding perk of homeownership. Under the old law, homeowners.

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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.

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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.

A "HELOC" or "home equity line of credit," is a type of home loan that allows a. The main difference is that a HELOC is simply a line of credit a homeowner can draw. HELOCs are actually losing their tax deductibility status as a result of the .

– The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

The interest on a home equity line of credit may be tax deductible, but since every situation is different, a tax professional should be consulted.

We have a credit score of 750 +, have cash in the bank and have a home equity loan (no balance) for a tax deduction. We want to spend.