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Can I get tax deductions for home equiy loans?

Date: Wed, 06/19/2019 23:52
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Can I get tax deductions for home equiy loans?




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.

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

Good Nelly Good Nelly
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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: #2 posted on Thu, 06/20/2019 - 02:05

Nick Jonas Nick Jonas

(Posts: 428 | Credits: )

I think yes, However, tax is a bit complicated subject. So, ask a professional.

Sub: #3 posted on Fri, 06/21/2019 - 06:10

Sanders Patricia Sanders Patricia

(Posts: 1239 | Credits: )

Yes, you may claim a deduction on the interest on your mortgage. It might also include your home equity loan interest too.

Sub: #4 posted on Mon, 06/24/2019 - 06:46

Barbara Delinsky Barbara Delinsky

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