is the interest on a home equity loan deductible

"Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living.

However, if the taxpayer used the home equity loan proceeds for personal expenses, such as paying off student loans and credit cards, then the interest on the home equity loan would not be deductible.

A home equity loan is a second mortgage that allows you to borrow against the value of your home. Your home equity is calculated by subtracting how much you still owe on your mortgage from the.

When you take out either a home equity loan or a home equity line of credit, you also benefit from the fact your interest may be tax deductible. Under recent changes made by the Tax Cuts and Jobs Act,

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The answer to the question of whether interest on a home equity line of credit is tax deductible is maybe. If you need cash and have equity in your home, a home equity loan or line of credit can.

Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.

The interest rates are adjustable, meaning you don’t get the predictability offered by a fixed-rate standard home equity loan, though you can often convert a HELOC to a fixed rate once the draw.

Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.

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However, the interest on HELOC money used for capital improvements to a home is still tax-deductible, as long as it falls within the home loan debt limit. Dates are important here, too. If you used a HELOC for home improvement before December 15, 2017, it would be grandfathered in to the $1 million limit.