Is HELOC or home equity loan interest tax deductible ?

After the Tax Cuts & Jobs Act passed in 2017, the interest  on your mortgage,  home equity line of credit (HELOC) or mortgage refinance are allowed but with some restrictions. Now,   deduction of mortgage  interest is allowed only up to $750,000 worth of qualified loans for married couples filing jointly . Single filers can only claim interest on loan worth  $375,000   for any home purchased after Dec. 15, 2017.For the debt before Dec. 15, 2017, married couples can deduct qualified loan interest paid or payable on loan upto  $1 million whereas single or those filing separately can claim interest on loan worth   $500,000 .Another condition is that only those loans are qualified for tax deduction that are   used to purchase, build or substantially renovate your home.
You might also like
Malcare WordPress Security