Can I deduct interest on a home equity line of credit for 2018 taxes?
HELOC interest is currently tax deductible if itemizing federal income taxes. Is HELOC interest still tax deductible under the new tax law for 2018 taxes?
041909
1 Best answer
Marketstar
Level 7
Jun 3, 2019 1:26:19 PM
Interest from home equity loans is unfortunately no longer deductible in 2018.
4 Replies
Marketstar
Level 7
Jun 3, 2019 1:26:19 PM
Interest from home equity loans is unfortunately no longer deductible in 2018.
MattB
Level 3
Jun 3, 2019 1:26:20 PM
The IRS just published new guidance on this topic on 2/21/2018. I believe the answer might be different now depending on how the funds are used.
jennmeagh
New Member
Jun 3, 2019 1:26:21 PM
Will Turbo Tax update their software to reflect this?
kbgods
Returning Member
Jun 3, 2019 1:26:22 PM
They should, if the HE line is used for home improvement, then it is still deductable