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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).
Joint and single filers who took out their home equity loan after Dec. 15, 2017, can deduct interest on up to $750,000 worth of qualified loans, while separate filers can deduct the interest on up ...
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 ...
If you used a cash-out refinance in 2021 to get another $900,000 mortgage, you may be able to deduct the interest you pay on up to $825,000 in debt from your new mortgage—but not the additional ...
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 ...
Tax advantages: You could be eligible for a tax deduction of the loan interest if you use the loan proceeds to substantially improve or repair the home. Check with an accountant or tax ...
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