Tag Archives | home equity line

New Tax Law for Deducting Home Equity Line or Loan Interest

Beginning January 1, 2018, the new tax law restricts how and when interest can be deducted on a home equity line of credit (HELOC) or second mortgage.

Before the tax law change, home equity loans and second mortgages were popular ways for homeowners to borrow money to pay for college, vacations, a new car, etc., because the interest on the loans could be deducted. Read More

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The Tax Advantages of Home Ownership

There are several tax advantages to owning a home. For most people, the biggest tax break will be the mortgage interest tax deduction.

As a home owner, you will be able to deduct mortgage interest (which is going to be most of your monthly mortgage payment initially) on your federal tax return. You can also deduct any points paid and the interest on a home equity loan or line of credit or second mortgage. Read More

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