Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.
In addition, interest home equity indebtedness was not deductible at all for AMT purposes under IRC Section 56(b)(1)(C)(i), and Treasury Regulation 1.163-10T(c) limited the total amount of debt principal eligible for interest deductibility to no more than the adjusted purchase price of the residence (original cost basis, increased by the cost.
Whether you take out a HELOC or a home equity loan, the interest may be deductible just like ordinary mortgage interest. As with mortgage interest, the HELOC or home equity loan debt must be secured by a qualified home -if you default on the HELOC or home equity loan, your home could go into foreclosure, meaning you could lose the home.
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The advisory specified that interest on home equity loans, home equity lines of credit (HELOCs) and second mortgages is still deductible, regardless of how the loan is labeled, as long as the loan.
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If you do not put up your home as collateral to protect the interests of the lender, your mortgage is not deemed a secured debt, and the mortgage interest is not deductible. A secured debt is a document that provides for the home to be used to pay off the mortgage debt in the event of default.
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Although the tax laws have changed, in some cases you can still deduct interest paid on your home equity loan or home equity line of credit (HELOC). As an example and according to the IRS, interest paid on a home equity loan or HELOC that was used to "buy, build or substantially improve" the residence that secures the loan is tax deductible.
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Interest on home equity loans has traditionally been fully tax deductible. But with the tax reform brought on by President Trump’s Tax Cuts and Jobs Act (TCJA), a lot of homeowners are struggling to work out whether they can still take a home equity loan tax deduction.