The answer is you can still deduct home equity loan interest. But the rules have changed, and there are more limitations than ever before.
Interest on home equity loans has traditionally been fully tax-deductible. But with the tax reform brought on by President Trump’s Tax Cuts and Jobs Act (TCJA), a lot of homeowners are struggling to work out whether they can still take a home equity loan tax deduction.
This is now the first year that the new rules will apply to their new taxes, despite the original act being passed in 2017.… Read the rest