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home equity debt deduction

Deductible Interest on Home Equity Loans Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest if all the following conditions are met.

Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that isn’t more than your qualified loan limit. This is the part of your home mortgage debt that is grandfathered debt or that isn’t more than the limits for home acquisition debt and home equity debt.

You can also take a deduction on interest you pay on home equity loan debt, but only if you use the proceeds from the home equity loan to build, buy, or substantially improve the home that secures.

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QI understand that the new tax law eliminates the deduction. a home, such as remodeling or building an addition? AYes. As in the past, home-equity loan proceeds used to substantially improve a home.

The home equity loan tax deduction is different for tax years 2018 and beyond. This page remains to describe how things used to work, but it’s more important than ever to review your financial situation and your deductions with a tax professional before making big decisions.

The chances of running up against the debt limit for the home mortgage interest deduction are slim because few people carry mortgage debt exceeding $1.1 million. However, the home equity debt limit is significantly lower — $100,000 for most filers, but $50,000 each for spouses filing separate returns.

This meant that a taxpayer could deduct interest on no more than $1 million of acquisition debt. taxpayers could also deduct interest on home equity debt. The reason, said Rosica, a widely recognized expert on real estate tax law, is that although Section 11043 of the new tax law eliminated home-equity debt interest deductions, it left virtually.

A home equity loan; If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn’t deductible. Your home mortgage must be secured by your main home or a second home. You can’t deduct interest on a mortgage for a third home, a fourth home, etc.

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