Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jprinc2
New Member

I bought a house in 2014 with a mortgage and a heloc. Does the heloc still will qualify for the interest deduction in 2018?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

I bought a house in 2014 with a mortgage and a heloc. Does the heloc still will qualify for the interest deduction in 2018?

According to the tax bill before Congress, No the interest from a Home Equity loan would not be deductible.

Go to this website and see Item 7 - http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html

7. Lowers cap on mortgage interest deduction: If you take out a new mortgage on a first or second home you would only be allowed to deduct the interest on debt up to $750,000, down from $1 million today. Homeowners who already have a mortgage would be unaffected by the change.

The bill would no longer allow a deduction for the interest on home equity loans. Currently that's allowed on loans up to $100,000.

View solution in original post

3 Replies
DoninGA
Level 15

I bought a house in 2014 with a mortgage and a heloc. Does the heloc still will qualify for the interest deduction in 2018?

According to the tax bill before Congress, No the interest from a Home Equity loan would not be deductible.

Go to this website and see Item 7 - http://money.cnn.com/2017/12/15/news/economy/gop-tax-plan-details/index.html

7. Lowers cap on mortgage interest deduction: If you take out a new mortgage on a first or second home you would only be allowed to deduct the interest on debt up to $750,000, down from $1 million today. Homeowners who already have a mortgage would be unaffected by the change.

The bill would no longer allow a deduction for the interest on home equity loans. Currently that's allowed on loans up to $100,000.

TaxGuyBill
Level 9

I bought a house in 2014 with a mortgage and a heloc. Does the heloc still will qualify for the interest deduction in 2018?

If the HELOC was used to buy, build or substantially improve your home, it would still be deductible.  However, other amounts would not be deductible.
jprinc2
New Member

I bought a house in 2014 with a mortgage and a heloc. Does the heloc still will qualify for the interest deduction in 2018?

Thanks

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v