Cashcall Refi

Interest on Residence Equity Loans Often Nevertheless Deductible Under New Law

Interest on Residence Equity Loans Often Nevertheless Deductible Under New Law WASHINGTON — The Internal Revenue Service today encouraged taxpayers that oftentimes they are able to continue steadily to deduct interest compensated on house equity loans. Giving an answer to many concerns gotten from taxpayers and taxation experts, the IRS stated that despite newly-enacted restrictions on house mortgages, taxpayers can frequently still subtract interest on a property equity loan, home equity credit line (HELOC) or second home loan, regardless how the mortgage is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026