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First thing first, you cannot take the mortgage interest deduction if you are taking. Your mortgage or home equity line of credit is considered.
These distinctions of acquisition versus home equity indebtedness were important, because interest on up to $1M of acquisition debt principal was deductible (a combined limit for all debt on the primary and/or second residence), while home equity indebtedness interest was only deductible on the first $100,000 of debt principal.
In the past, homeowners who took out home equity loans were able to deduct the loan’s interest up to $100,000 from their taxes. Under the new tax bill, this deduction is a thing of past.
Interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer’s home that secures the loan. As under prior law, the loan must be secured by the taxpayer’s main home or second home (qualified residence), not exceed the cost of the home, and meet other requirements.
If you used the equity loan to pay medical expenses, take a cruise, or anything other than home improvements, that interest is no longer tax deductible. Here’s a big FYI: The new rules don’t grandfather in old home equity loans if the proceeds were used for something other than substantial home improvement. If you took one out five years ago to.
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· Interest on home equity debt is no longer tax-deductible. Under the old tax rules, you could deduct the interest on up to $100,000 of home equity debt,
The new tax law commonly referred to as the Tax Cuts and Jobs Act (TCJA) curtailed personal tax deductions for mortgage interest. While interest deductions on new borrowings are subject to a lower ceiling, interest on home equity loans is now disallowed altogether.
You can also take a deduction on interest you pay on home equity loan debt, but only if you use the proceeds from the home equity loan to build, buy, or substantially improve the home that secures the.
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For anyone considering taking out a mortgage, the new law imposes a lower dollar limit on mortgages qualifying for the home mortgage interest deduction. Beginning in 2018, taxpayers may only deduct interest on $750,000 of qualified residence loans. The limit is $375,000 for a married taxpayer filing a separate return.