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Can I get tax deductions for home equiy loans?

Submitted by HarryRolane on 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.


Submitted by Good Nelly on Thu, 06/20/2019 - 01:17

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.


Submitted by Nick Jonas on Thu, 06/20/2019 - 02:05

Nick Jonas

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