Is Interest On A Home Equity Loan Tax Deductible

Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not.

– 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.

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However, if the taxpayer took out a $250,000 home equity loan on the main home to purchase the vacation home, then the interest on the home equity loan would not be deductible. Example 3. In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home. The loan is secured by the main home.

Both provide access of up to 100% or more of the equity in your home. Tax advantages. If you itemize, you might be able to fully deduct interest payments on either type of loan. This distinguishes these loans from other forms of consumer credit. Since the collateral is your home, interest rates are lower than other consumer loans or credit cards.

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Interest on home equity debt is deductible if you use it for renovations to your home – the phrase is "buy, build or substantially improve." What’s more, you must spend the money on the property.

What doesn’t qualify: Again, if you spent home equity proceeds on anything other than renovations, the interest will not qualify for the deduction. Remember, only interest paid on loans for your primary and second residences may be deducted.

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