2018 home equity interest deduction

Home equity loan interest Mortgage interest on purchase loans is still deductible under tax reform up to $750,000, but the deduction for interest on home equity loans becomes nondeductible once.

several familiar itemized tax deductions have ceased for 2018, such as those for unreimbursed employee business expenses, tax-preparation costs and investment-management fees, personal casualty losses.

For the years 2018 through 2025, interest on home equity loans (heloc) will not be tax deductible under IRC 163(h)(3)(F)(i)(I), as amended by TCJA. Previously, the mortgage interest deduction was limited to the interest on acquisition indebtedness not exceeding $1,000,000, plus home equity indebtedness not exceeding $100,000 (or half of those limits for MFS taxpayers).

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but the deduction for interest on home equity loans becomes nondeductible once 2018 begins. Unlike with purchase loans, there’s no grandfathering provision for existing home equity loans, so for those.

In other words, unless you took out a new mortgage after Dec. 14, your tax deduction for mortgage interest will be the same in 2018 as it was in.

Home Equity Loan Interest Is Only Deductible for Home Improvements If you’re planning to redo a bathroom or a kitchen or fix up a fixer-upper, the interest on new home equity loans, home equity lines of credit, and second mortgages will still be deductible, but only up to the maximum amount (for all mortgages) of $750,000.

I have a home equity line of credit on my primary residence. Interest is deductible for 2017, but under the new tax law, interest from that HELOC is not deductible for 2018 taxes. If I refinance the home with a new primary mortgage and pay off the HELOC, is the interest from that new loan tax deductible for 2018 taxes?<br /></p>

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If you use a home equity loan or home equity line of credit to buy, build or improve your main residence or second home, the new tax law allows you to deduct up to $100,000 in interest on those loans, the Internal Revenue Service says.. The IRS this week clarified a provision of the Tax Cuts and Job Acts that eliminates the deduction for interest paid on home equity loans and lines of credit.

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