Using a HELOC for Purposes Unrelated to Your Home This is where the HELOC interest may not be tax deductible. Under IRS rules, you can only deduct interest paid on a HELOC up to a loan amount of $100,000 ($50,000 if you are married filing separately) if the money is used for purposes not related to the home.

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Another tax change HELOC borrowers should know about: The Tax Cuts and Jobs Act lowered the cap on the amount of home loan debt that qualifies for the interest deduction from $1 million to $750,000.

To qualify for a home equity loan tax deduction, it only needs to have been obtained after October 1987. The home equity loan must be secured by your home. The interest on a HELOC loan was also deductible in most instances before the Congress passed the tax reform bill in December of 2017.

. and second homes up to $1 million and the interest on debt from up to $100,000 on home equity loans or lines of credit. But critics say the enshrined deduction skews benefits in favor of wealthier.

The tax law signed last week by President Trump suspends the deduction on interest for home equity loans and lines of credit, ending a longstanding perk of homeownership. Under the old law, homeowners.

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The 2017 Tax Cuts and jobs act introduced a slew of new tax breaks while doing away with others, one of which was supposed to be home equity loan interest. Much of that deduction has effectively.

The new bill makes a number of significant changes to the tax code, including doing away with the deduction for the interest paid on home equity loans. Here is what you need to know about that change.

Under the new law, home equity loans and lines of credit are no longer tax- deductible. However, the interest on HELOC money used for capital.

HELOC money used for anything other than improving your residence – such as paying down debt – is no longer tax-deductible, but that doesn’t mean that a HELOC isn’t a valuable tool. The limit on deductible interest for your mortgage is now $750,000 of indebtedness for tax years 2018 through 2025.

100 financed home loans 5 Bad Reasons to Refinance Your Mortgage – but not if the new home loan won’t really save you money. A refi doesn’t make financial sense if you may be moving soon. If you’re going to save $100 a month but will have to pay closing costs of.