In February 2018 the IRS issued an advisory for taxpayers regarding the status of the home equity loan interest deduction. The advisory specified that interest on home equity loans, home equity.
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.
but the deduction for interest on home equity loans becomes nondeductible once 2018 begins. Unlike with purchase loans, there’s no grandfathering provision for existing home equity loans, so for those.
The TCJA eliminated this special $100,000 home equity loan deduction for 2018 through 2025. However, the interest you pay on a home equity loan used to.
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[Question]I understand that the new tax law eliminates the deduction of interest on home-equity loans. But. That’s the write-off Congress abolished, starting in 2018, for both new and old loans.
That legislation eliminated a section of the federal tax code authorizing interest write-offs on "home-equity indebtedness" from 2018 through 2025. But the law did not curtail deductions on all.
For the years 2018 through 2025, interest on home equity loans (HELOC) will not be tax deductible under IRC 163(h)(3)(F)(i)(I), as amended by TCJA. Previously, the mortgage interest deduction was limited to the interest on acquisition indebtedness not exceeding $1,000,000, plus home equity indebtedness not exceeding $100,000 (or half of those limits for MFS taxpayers).
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Because no deduction is allowed for interest on home equity debt in 2018, the taxpayer should reclassify the debt as investment debt based on how the proceeds were used.
Home mortgage interest taken as an itemized deduction will be limited in 2018 through 2025. Only the interest paid or accrued on acquisition.
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For example, if you took a home equity loan in 2016 for $20,000 and there is still a $10,000 balance on the loan, you will be able to deduct the interest that you paid in 2017 but beginning in 2018, the deduction will be lost if it does not qualify as "acquisition indebtedness".
The next blog post in our “2018 Tax Roadmap” series to help you navigate the. You could also deduct interest on home equity debt, i.e., debt.
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Finally, people who closed on a home purchase before January 1, 2018 can also use the old limit of $1 million-provided they purchase the residence by April 1. Besides reducing the maximum deduction for mortgage interest, the new rules completely eliminate the deduction for interest paid on other home equity debt.