is interest paid on a home equity loan deductible
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.
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.
· In most cases, home mortgage interest is the interest paid on a loan that is secured by your main home or second home. This could be the interest paid on the original mortgage you obtained to purchase the home or a home equity loan aka second mortgage .
· Interest on rental property is NOT affected by the new tax laws which by the way, have NO EFFECT on your 2017 taxes. Since rental property is business property, the interest paid on the mortgage is a business expense, and fully deductible.
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· And if you have $20,000 outstanding on a home equity line of credit and are paying 4.5 percent interest on that annually, that’s $900 in annual interest that used to be tax deductible for many.
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Second, if available consider using a home equity. a personal loan you borrow from a bank, credit union or informal lender.
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In 2017, the mortgage interest deduction included that which you paid on loans to buy a home, on home equity lines of credit, and on construction loans. But the TCJA eliminated the deduction for home equity debt beginning with the 2018 tax year-the return you’ll file in 2019- unless you can prove that the loan was taken out to.
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"I had a home equity line of credit for $50,000." She would pay a contractor with a check from her HELOC – that’s a loan.
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