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Even if you took out the loan before the new tax bill passed, you can no longer deduct any amount of interest on home equity debt. This new tax rule applies to all home equity debts, as well.
Because the total amount of both loans does not exceed $750,000, all of the interest paid on the loans is deductible. However, if the taxpayer used the home equity loan proceeds for personal expenses, such as paying off student loans and credit cards, then the interest on the home equity loan would not be deductible.
In most cases, taxpayers can deduct all interest on loans secured with their home, including a first mortgage, equity loan or equity line of credit. Specific to equity lines, the IRS reports that you can deduct interest on equity loans up to $100,000 if the loan was taken out after Oct. 13, 1987.
Homeowners can no longer deduct the interest on loan proceeds they. If you're planning to deduct home equity debt interest, you must make.
Size Limits. If you borrowed money from your parents for something besides your home and you used your home as collateral, the debt counts as home equity debt, and you can only deduct the interest on the first $100,000. If you’re married but file separate returns, the limits are halved for each spouse — you can only deduct the interest on.
Your loan is tax-deductible only if it was used toward your home. If you have used the loan to buy a second home or renovate a home and you qualify for a tax deduction, figure out whether itemized.
You Cannot Deduct Home Equity Loan Interest. Home equity loans and home equity lines of credit allow homeowners to pull equity from their property and use it for what they like. Typical uses include home renovation, business start up and expansion, and paying for college tuition. You can still get a home equity loan in 2019, but you cannot deduct the interest on these second mortgages.
One of the crucial changes for homeowners who have taken out HELOCs is that they can deduct the interest only if those loans were used to buy, build or renovate their homes.