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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).
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.
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 ...
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 ...
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 ...
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