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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).
Home equity loans — A fixed-rate loan, sometimes called a second mortgage, ... Up until 2017, interest on home equity loans and HELOCs was generally tax-deductible.
Benefits of using home equity for remodeling. Home equity loans offer competitive interest rates, potential tax benefits and larger loan amounts, making them a useful way of paying for renovations.
However, one cannot purchase a home using a home equity loan, one can only use a home equity loan to refinance. In the United States until December 31, 2017, it was possible to deduct home equity loan interest on one's personal income taxes. As part of the 2018 Tax Reform bill [2] signed into law, interest on home equity loans will no longer be ...
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 ...
Tax advantages: If you use the funds from the loan to make significant home improvements or repairs, the interest you pay on the home equity loan is tax-deductible (assuming you itemize deductions ...
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