home equity line tax deductible

A home equity line of credit (often called HELOC, pronounced Hee-lock) is a loan in which the lender agrees to lend a maximum amount within an agreed period (called a term), where the collateral is the borrower’s equity in his/her house (akin to a second mortgage).Because a home often is a consumer’s most valuable asset, many homeowners use home equity credit lines only for major items, such.

Acquisition indebtedness incurred on or before Dec. 15, 2017 remains subject to the former $1 million deductibility thresholds. Additionally, the deduction of interest on up to $100,000 of home equity indebtedness is disallowed for tax years beginning after Dec. 31, 2017, regardless of when such indebtedness is incurred.

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Dear Tax Talk, Is the interest on a home equity line of credit tax-deductible? If it is, do I have to itemize, or can I take the standard deduction? So it seems to make sense that because interest on auto debt, credit card debt and other personal debt is not deductible that you would take out an.

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3. Mortgage interest should be tax-deductible One big benefit of both home equity loans and home equity lines of credit is the tax deductibility of loan interest. You can deduct interest on a loan up.

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 new law suspends the.

About Home Equity Loans & Taxes A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans Footnote 1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

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 new law suspends the.

Variable Rate Home Equity Line of Credit. Building an addition to or renovating your house? If you need access to money for a longer term project, a variable rate Home Equity Line of Credit is a smart alternative to other high interest, non tax-deductible loans.