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· However, if the taxpayer took out a $250,000 home equity loan on the main home to purchase the vacation home, then the interest on the home equity loan would not be deductible. Example 3: In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home. The loan is secured by the main home.
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For principal residence mortgage loans taken out after 11/2/17, you could only deduct interest on up to $500,000 of mortgage debt (versus up to $1 million plus another $100,000 of home equity debt.
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So as Americans digested the details of the tax bill that passed last month, it was natural to lament the end of deductions for interest people pay on home equity loans. After all, if you don’t have.
Bad news, homeowners: Tax bill would end deductions for interest on home equity loans. The provision eliminates the interest deduction on such loans, a move that could cost a borrower several hundred dollars a year, depending on the loan amount. Currently, borrowers can write off the interest on home equity loans of up to $100,000.
Your options include taking out a personal loan, home equity loan or using another payment method to pay your tax bill. It’s important to weigh. such as 0 percent interest for a period of time with.
Starting in 2018, interest paid on home equity debt can be deducted only if the money is used "to buy, build or substantially improve the taxpayer’s home that secures the loan," according to.
Home equity lines and the new tax laws. Posted on Jan 4, 2018 in Home equity, MARK WELLS’ BLOG, Tax laws | Comments Off on Home equity lines and the new tax laws. Home equity lines and the new tax laws. Just before the end of 2017, Congress passed a comprehensive tax bill that changed the landscape of mortgage interest deductions.
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The new tax reform bill is now law. personal exemptions for some taxpayers. Mortgage interest on purchase loans is still deductible under tax reform up to $750,000, but the deduction for interest.