Interest on Residence Equity Loans Often Nevertheless Deductible Under Brand New Law

Interest on Residence Equity Loans Often Nevertheless Deductible Under Brand New Law

WASHINGTON — The Internal Revenue provider advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans today.

Giving an answer to numerous questions gotten from taxpayers and income tax professionals, the IRS said that despite newly-enacted restrictions on house mortgages, taxpayers can frequently nevertheless deduct interest on a property equity loan, house equity personal credit line (HELOC) or 2nd home loan, it doesn’t matter how the mortgage is labelled. The Tax Cuts and work Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on house equity loans and credit lines, unless these are generally utilized to get, build or significantly increase the taxpayer’s home that secures the mortgage. „Interest on Residence Equity Loans Often Nevertheless Deductible Under Brand New Law“ weiterlesen