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If you only used the HELOC funds to make home improvements, then 100% of the interest paid may be deductible if your mortgage and HELOC fall within IRS dollar limits.
Since the 2018 tax reform law, the tax deductions limits have changed on all mortgage and home equity debt. You can only deduct interest charges on a maximum of $750,000 in residential loan debt ...
But you might be wondering, “Can I deduct mortgage interest on my home equity loan or home equity line of credit (HELOC)?” ... 2017: The Tax Credit and Jobs Act of 2017 wrought further changes ...
Interest on home equity loans and lines of credit (sometimes): You can deduct interest payments on home equity loans and lines of credit, but only when you use the money to buy, build, or ...
There's also a separate rule for mortgage interest paid on home equity loans and home equity lines of credit (HELOCs). In order for interest paid on those types of mortgages to be deductible, the ...
Joint filers who took out a home equity loan after Dec. 15, 2017, can deduct interest on up to $750,000 worth of qualified loans ($375,000 if single or married filing separately). The money must ...
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