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HELOCs and the New Tax Law

from Pro Remodeler

The IRS has confirmed it: interest on home equity lines of credit is tax deductible, kind of. On February 21, the Internal Revenue Service finally gave the remodeling industry the news it was waiting for regarding tax deductions on interest paid on home equity indebtedness, and specifically for home equity lines of credit (HELOCs). The Tax Cuts and Jobs Act of 2017 eliminated interest deductions for HELOCs (as well as for the two other common forms home equity indebtedness: home equity loans and secondary mortgages), causing confusion among tax payers and the construction industry, since in most cases, mortgage loans to buy or build a home were still deductible. more

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