If you a own a home and are planning to claim the home equity loan interest deduction, there are a few things to remember. First, the money must be used for home improvements or renovations.
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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.
A home equity loan allows you to borrow against the value of your home by taking out a second mortgage. january 1st, 2018, the tax deduction on a home equity loan will be changed. This change will affect both new and existing home equity loans. An equity loan is a second mortgage used to borrow.
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Beginning in 2018, the mandates for tax-deductibility on home equity loans and home equity lines of credit became more strict, requiring the proceeds on home equity debt to be used towards qualified home renovation costs. That means that home equity loans and HELOCs obtained prior to, and after the passage of the new tax regulations will have to meet the new IRS eligibility test if homeowners.
However, if the taxpayer took out a $250,000 home equity loan on the main home to purchase the vacation home, then the interest on the home equity loan would not be deductible. Example 3: In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home.
Later, I took out a $250,000 home equity loan to pay for an addition to my main home. Can I deduct the interest on both loans? A: Yes. You can treat both loans as acquisition debt the combined.
Under prior law, you could also claim itemized qualified residence interest deductions on up to $100,000 of home equity debt for regular tax purposes, or $50,000 if you used married filing.
The deduction amount includes the interest you pay on your mortgage, home equity loan, home equity line of credit (HELOC) or mortgage refinance. If you took on the debt before Dec. 15, 2017, you can deduct interest on $1 million worth of qualified loans for married couples and $500,000 for those filing separately for the 2018 tax year.
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