is interest on a home equity line of credit tax deductible

Like other types of mortgages, the interest on a home equity line of credit is tax deductible. Interest rates can be low, but they also are usually variable, meaning .

Before you decide to take out a home equity line of credit, it’s smart to know whether the interest on your HELOC might be tax-deductible. The federal tax law that was passed in December 2017.

For some, a Home Equity Line of Credit can. The debt is sometimes tax deductible, which is very convenient if you are looking to consolidate credit cards and other debt, which has a high interest.

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Q: Is a home equity line of credit tax-deductible? A: One of the benefits of homeownership is the availability of a tax deduction for the interest paid on a mortgage.For interest paid on for many home equity lines of credit, 2017 will be the last year that interest on a home equity loan or home equity line of credit will be deductible.

Learn your potential tax advantages. Interest paid on the first $100,000 of a home equity line of credit is usually deductible; it doesn’t matter how the money is used. Interest paid on amounts.

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The new tax law commonly referred to as the Tax Cuts and Jobs Act (TCJA) curtailed personal tax deductions for mortgage interest. While interest deductions on new borrowings are subject to a lower ceiling, interest on home equity loans is now disallowed altogether.

How Do I Deduct the Interest on an Equity Line for an Investment Property?. The Internal Revenue Service doesn’t limit the amount of interest you can write off against your investment property, so.

Although the tax laws have changed, in some cases you can still deduct interest paid on your home equity loan or home equity line of credit (HELOC).

About Home Equity Loans & Taxes In general, the interest on a home equity line of credit is tax-deductible, according to Internal Revenue service guidelines. However, exceptions and circumstances may negate your ability to claim any or all of your interest as a deduction. Loan interest deductions greatly improve the economic efficiency of home renovation projects.

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Unlike a home-equity loan, the rate for a home-equity line of credit changes based. If you itemize, you might be able to fully deduct interest payments on either.