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It depends on what you used or are going to use the home equity loan for. Up until the end of 2017, borrowers could deduct interest on home.
Under the new Tax Cuts and Jobs Act (TCJA), many homeowners will be adversely affected by a provision that for 2018-2025 generally disallows interest deductions for home equity loans. the debt.
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· The Tax Cuts and Jobs Act of 2017, enacted December 22, 2017, suspends the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. This suspension is in effect from 2018 through 2025.
Today, most companies will limit the loan to value for home equity loans combined at around 90 percent. This means the maximum most banks are willing to give is an 80-10-10 mortgage. So, you can get an 80% loan to home value first mortgage, a 10 percent loan to value second mortgage, and you’ll have to put 10 percent down.
Limits on Home Equity Loan Interest Tax Deductions Before you deduct all of the interest from your home equity loan on your taxes this year keep in mind there are certain restrictions. For example, if you use your home equity to consolidate your debt or pay for your children’s college expenses you may not be able to deduct all of the interest.
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· There’s a Dollar Limit. The IRS update also pointed out that, under the new law, there’s a dollar limit on mortgage loans that qualify for interest deduction. Starting in 2018, taxpayers can deduct interest on just $750,000 in home loans.
Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that isn’t more than your qualified loan limit. This is the part of your home mortgage debt that is grandfathered debt or that isn’t more than the limits for home acquisition debt and home equity debt.
A home equity loan is a type of second mortgage.Your first mortgage is the one you used to purchase the property, but you can place additional loans against the home as well if you’ve built up enough equity.Home equity loans allow you to borrow against your home’s value over the amount of any outstanding mortgages against the property.