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HELOC interest is tax deductible through 2025 only under certain conditions. IRS rules state that the funds must be used to buy, build or substantially improve your primary or second home.
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 ...
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).
But if you have a $200,000 mortgage and use $25,000 from a HELOC to pay for college expenses, none of the interest paid on the HELOC would be tax-deductible. Again, you can spend a HELOC on ...
Home equity loan interest deduction. ... For tax year 2023: Households can claim up to 30% of the costs for certain energy-efficiency improvements, up to $1,200 each year, plus a $150 credit for ...
The interest must be attributable to either 1) acquisition indebtedness, or 2) home equity indebtedness, with respect to any qualified residence of the taxpayer. [7] Acquisition indebtedness is defined as an indebtedness which is incurred in acquiring, constructing, or substantially improving any qualified residence, and is secured by such ...
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