“The new federal tax law created a lot of confusion over whether tax filers may still deduct the interest they pay on their home equity loans and home equity lines of credit.
“The new law suspends the deduction for interest on home equity indebtedness for the next eight years.
“But it turns out the suspension does not apply to all home equity loans (HELs) and lines of credit (HELOCs). It just applies to those that are used to pay for non-home-related things, like paying off your credit card or buying a car. But you can still deduct home equity loan interest that is used to pay for home improvements…”
Read more at Money.CNN.com: “Yes, you can still deduct interest on your home equity loan …”
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