Mortgage interest on purchase loans is still deductible under tax reform up to $750,000, but the deduction for interest on home equity loans becomes nondeductible once 2018 begins. Unlike with.
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Home equity loan interest. No matter when the indebtedness was incurred, you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren’t used to buy, build, or substantially improve your home. home mortgage interest.
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Tax deductions for home mortgage interest under the Tax Cuts and Jobs Act of 2017, including changes in the deductibility of acquisition and home equity indebtedness.
For 2018-2025, the TCJA also generally eliminates the prior-law provision that allowed interest deductions on up to $100,000 of home equity debt, or $50,000 for those who use married filing.
Even worse, the TCJA completely wipes out the deduction for interest paid on home equity debt, beginning in 2018. For instance, no deduction is allowed for home equity debt used to pay off credit.
Simply stated, the maximum allowable indebtedness is $1,100,000 ($550,000 married filing separately) after combining the acquisition indebtedness and the home equity indebtedness. 2018 Mortgage Interest Deduction. For the tax years ending December 2018 through December 2025, home equity interest is disallowed.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.
In past years, owners of a principal or second home could take an itemized deduction for their interest on mortgage debt of up to $1 million ($500,000 for married persons filing separate returns), plus home equity debt of up to $100,000. For tax years 2018 and onward through the year 2025, however, the limit on mortgage loans whose interest can.
QI understand that the new tax law eliminates the deduction of interest on home-equity loans. But, will there be an exception. That’s the write-off Congress abolished, starting in 2018, for both.
That legislation eliminated a section of the federal tax code authorizing interest write-offs on “home equity indebtedness” from 2018 through 2025. But as noted in this column in January, the law did.