Can I get tax deductions for home equiy loans?
Date: Wed, 06/19/2019 - 23:52
Yes, you can claim a
Yes, you can claim a deduction on the interest you pay on your mortgage and that includes a home equity loan too. However, under the new law, you can get a deduction if you use the loan amount to build, purchase, or renovate/upgrade your home.
You can claim a deduction on
You can claim a deduction on mortgage interest only up to $750,000 when you're filing income tax returns jointly with your partner. If you file income tax returns separately, then you can claim a deduction of up to $375,000. Another criterion is, the home should be purchased after December 15, 2017.
I think yes, However, tax is
I think yes, However, tax is a bit complicated subject. So, ask a professional.
Yes, you may claim a
Yes, you may claim a deduction on the interest on your mortgage. It might also include your home equity loan interest too.