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Key takeaways. 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).
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 ...
Interest paid on a home equity line of credit (HELOC) is tax-deductible if the funds are used to buy, build or substantially improve the home that secures the loan. Can you write off interest on a ...
Currently, single and joint filers who take out a home equity loan are allowed to deduct interest on up to $750,000 worth of qualified loans; those married filing separately can deduct interest on ...
A home equity loan is a loan using your house as collateral — a somewhat risky move, but useful in some circumstances. Furthermore, you may be able to deduct the interest you pay on a home ...
Home equity loan interest deduction. If you took out a home equity loan or line of credit in 2022, you might be able to deduct the interest paid during the year. ... Households can claim up to 30% ...