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Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that isn’t more than your qualified loan limit. This is the part of your home mortgage debt that is grandfathered debt or that isn’t more than the limits for home acquisition debt and home equity debt.
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The deduction amount includes the interest you pay on your mortgage, home equity loan, home equity line of credit (HELOC) or mortgage refinance. If you took on the debt before Dec. 15, 2017, you can deduct interest on $1 million worth of qualified loans for married couples and $500,000 for those filing separately for the 2018 tax year.
Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.
Previously, you could take the deduction even if you used the home-equity loan to pay off credit card debt, take a vacation, or buy a second home. According to the IRS, you can now deduct the interest.
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The home equity loan tax deduction is different for tax years 2018 and beyond. This page remains to describe how things used to work, but it’s more important than ever to review your financial situation and your deductions with a tax professional before making big decisions.
You can also take a deduction on interest you pay on home equity loan debt, but only if you use the proceeds from the home equity loan to build, buy, or substantially improve the home that secures.
. paid on home-equity loans and HELOCs is not tax deductible unless the money was used for home renovations or similar activities. (Before the new 2017 tax law, interest on the home-equity debt was.
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But after prodding from lobbying groups, the Internal Revenue Service clarified that borrowers could still use the deduction, as long as it’s for home improvements. The IRS guidance on home-equity.
Under prior law, the limit was $1 million in mortgage loan debt with an extra $100,000 in home equity debt. Can you still deduct interest on a home equity loan or a home equity line of credit (HELOC).