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Deductions & credits
Correct, HELOC interest is not deductible now unless it is used to improve the collateral house.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.
Here is a link to the IRS, Interest on home Equity Loans
February 25, 2021
12:26 PM