Interest Paid on Home Equity Loans Still Deductible- IRS Clarifies !

Despite newly-enacted restrictions on home mortgages under the Tax Cuts & Jobs Act , you  can still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage. This is so , because the restriction under the The Tax Cuts and Jobs Act of 2017, enacted on Dec. 22, is not for the deduction for interest paid on home equity loans and lines of credit that are used to buy, build or substantially improve the taxpayer’s home that secures the loan.

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Mortgage Interest Deduction : 7 FAQs

mortgage interest deduction

The mortgage interest is one of the most commonly utilized tax breaks under Internal Revenue Code  by  an Individual. In fact , most individual who takes loan for buying home , has to deal with the concept of mortgaging the home against the loan .Section 163(h) of the US Code 26  deals with interest deduction …

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