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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).
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 ...
Under the Tax Cuts and Jobs Act (TCJA) of 2017, the interest on HELOCs is tax deductible as long as the funds were used to “buy, build or substantially improve your home,” according to the IRS.
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 borrowers can deduct interest, but only if they meet these requirements. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
2. 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.