is home equity interest tax deductible

Home equity deductions change under new tax law – Q. Will I lose the home equity interest deduction in 2018? What if I refinance my current mortgage of $200,000, and take $250,000 and use the extra money to consolidate a loan, pay for college, buy a.

WSJ Tax Guide 2019: Mortgage-Interest Deduction – WSJ – The near-doubling of the standard deduction and caps on eligible mortgages mean fewer will take popular write-off. New tax rules on mortgage.

Deducting home loan interest is trickier under new tax. –  · The IRS bars the deduction of interest from home equity loans taken out on a primary residence if it’s used to buy a vacation home. That’s because that new loan is not secured by the vacation home. Instead, the better way to finance a vacation home is to use a mortgage secured by that second home, not through a loan on your primary residence.

Is the Interest on a Home Equity Line of Credit (HELOC) Tax. – 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.