is heloc interest tax deductible 2018

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When the Tax Cuts and Jobs Act was passed in December 2017, it was widely reported that the deduction for home equity loan interest was going away in 2018. And to be fair, as the bill was written,

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I have a home equity line of credit on my primary residence. Interest is deductible for 2017, but under the new tax law, interest from that HELOC is not deductible for 2018 taxes. If I refinance the home with a new primary mortgage and pay off the HELOC, is the interest from that new loan tax deductible for 2018 taxes?<br /></p>

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.

In the past, a HELOC was treated separately and the interest expense on up to $100,000 (single or married filing jointly) was tax-deductible no matter how the money was spent. Under the new law, home.

Besides reducing the maximum deduction for mortgage interest, the new rules completely eliminate the deduction for interest paid on other home equity debt. previously, taxpayers could deduct up to $100,000-$50,000 for married couples filing separately-on the interest payments for home equity loans and home equity lines of credit (HELOCs).

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Before you decide to take out a home equity line of credit, it’s smart to know whether the interest on your HELOC might be tax-deductible. The federal tax law that was passed in December 2017.

When the Tax Cuts and Jobs Act of 2017 was signed into law, there was an immediate uproar. Some people railed about how it would affect their paychecks, others about their child care credits. Another group was howling about their formerly tax-deductible interest from their home equity loans .

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Is Heloc Interest Tax Deductible 2019 | Nwblackhawregion – HELOC or a home equity line of credit , is a line of credit allowed by the lender against your home.. It must be clear to you that under the new law the interest on HELOC is tax deductible only if the loan is used for your home improvements like.

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