equity loan interest tax deductible

equity loan interest tax deductible

Over the decades the mortgage interest deduction has become American folklore – buy a. plus up to $100,000 of home equity loans, a type of loan in which the borrower uses the equity in their home.

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 · An equity loan is a second mortgage used to borrow against the equity in your home. When the second mortgage was used to purchase your home, the mortgage interest is still tax deductible in 2018. A home equity loan taken for any reason other than the purchase of the home is NOT deductible for the 2018 tax year. Find the Right Lender.

NEW YORK (CNNMoney) – The new federal tax law created a lot of confusion over whether tax filers may still deduct the interest they pay on their home equity loans and home equity lines of credit. The.

These other loans might come with higher interest rates, but you could still come out ahead by avoiding the closing costs of a home equity loan. Taxpayers were able to claim an itemized deduction for interest paid on all home equity loans in tax years up to and including 2017.

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The 2017 Tax Cuts and Jobs Act introduced a slew of new tax breaks while doing away with others, one of which was supposed to be home equity loan interest. Much of that deduction has effectively.

Home equity loans are “second mortgages,” which means the loan. A cash-out refinance is treated like all first-lien mortgages. In 2018, the interest deduction is limited to all loans secured by a.

 · Under prior law, you could also claim itemized qualified residence interest deductions on up to $100,000 of home equity debt for regular tax purposes, or $50,000 if you used married filing.

 · Interest on rental property is NOT affected by the new tax laws which by the way, have NO EFFECT on your 2017 taxes. Since rental property is business property, the interest paid on the mortgage is a business expense, and fully deductible.

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