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 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.
Sub: #1 posted on Thu, 06/20/2019 - 01:17
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