I have a home equity line of credit on my primary residence. Interest is deductible for 2017, but under the new tax law, interest from that HELOC is not deductible for 2018 taxes. If I refinance the home with a new primary mortgage and pay off the HELOC, is the interest from that new loan tax deductible for 2018 taxes?
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Yes, you are correct. The new legislation wiped out the deduction for home equity debt, including on existing loans. If you refinance your mortgage to include the payoff of the HELOC you can deduct mortgage interest up to a maximum of $750,000 of mortgage debt that was used to purchase or improve the home as an itemized deduction.
Yes, you are correct. The new legislation wiped out the deduction for home equity debt, including on existing loans. If you refinance your mortgage to include the payoff of the HELOC you can deduct mortgage interest up to a maximum of $750,000 of mortgage debt that was used to purchase or improve the home as an itemized deduction.
I refinanced my home in 2018, so I claimed the interested I paid on my form and It didn't give me any credit for the interest. I used all the proceeds from the finance on my main home. So why am I not getting any credit on my deductions?
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