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I've resigned myself to not be able to deduct interest on Home Equity line of credit [View all]
but read an article yesterday that if the loan is used to improve the house - which, really, is the purpose of it - that it can be deducted. I've always thought that, just like other deductions, filers should be able to support the claims. I can see that using these loans to pay other credit cards balance, take a vacation or buying a car should not be use for deductions.
On edit: found the link
https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law
(IRS has finally caught up with the new tax law)
2 replies
= new reply since forum marked as read
= new reply since forum marked as read