Generally speaking, interest on home equity loans is tax-deductible, as is the interest paid on the primary mortgage you used to buy your home. However, there are some significant differences worth noting. Not taxable as income. There are two other tax matters to get out of the way before we talk about deductions, though.
Is the interest paid on a home equity loan or HELOC tax-deductible? Yes, so long as the HELOC is used for home-related investments (home improvements). Interest is capped at $750,000 on home loans.
When you borrow on your home’s equity, your interest is tax-deductible up to a government-imposed limit. Claiming the deduction on your taxes is easy.
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.
What doesn’t qualify: Again, if you spent home equity proceeds on anything other than renovations, the interest will not qualify for the deduction. Remember, only interest paid on loans for your primary and second residences may be deducted.
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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You Cannot Deduct Home equity loan interest. home equity loans and home equity lines of credit allow homeowners to pull equity from their property and use it for what they like. Typical uses include home renovation, business start up and expansion, and paying for college tuition. You can still get a home equity loan in 2019, but you cannot deduct the interest on these second mortgages.
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