are home equity lines of credit tax deductible

are home equity lines of credit tax deductible

Q: Is a home equity line of credit tax-deductible? A: One of the benefits of homeownership is the availability of a tax deduction for the interest paid on a mortgage.For interest paid on for many home equity lines of credit, 2017 will be the last year that interest on a home equity loan or home equity line of credit will be deductible.

WASHINGTON – It’s official: Despite widespread fears to the contrary, the Internal Revenue Service has clarified that last year’s big tax bill did not kill all interest deductions on home equity lines.

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The answer to the question of whether interest on a home equity line of credit is tax deductible is maybe. If you need cash and have equity in your home, a home equity loan or line of credit can.

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Dear Tax Talk, Is the interest on a home equity line of credit tax-deductible? If it is, do I have to itemize, or can I take the standard deduction?

And if you have $20,000 outstanding on a home equity line of credit and are paying 4.5 percent interest on that annually, that’s $900 in annual interest that used to be tax deductible for many.

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If the loan is a home equity, line of credit, or credit card loan and the proceeds from the loan are not used to buy, build, or substantially improve the home, the points are not deductible. For exceptions to the general rule, see Deduction Allowed in Year Paid, later.

With the turnaround in the housing market and equity on the rise for many homeowners, the opportunity to tap into equity to pay down other expenses, invest in home renovations, or diversify investment portfolios has become increasingly popular.

Is A Home Equity Line Of Credit Tax Deductible? – Being a home owner comes with many benefits such as not having loud neighbors above you, enjoying a backyard barbecue and paying yourself by building equity in the place you live. An additional and of.

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