Does anyone know if Home Equity Loan/HELOC interest is deductible next year?

[Texacon]

https://www.democraticunderground.com/100210031912

Thu Dec 28, 2017, 10:56 AM
LuckyCharms (1,503 posts)


Does anyone know if Home Equity Loan/HELOC interest is deductible next year?

Deductible under the new plan?

I know I could try to look it up, but I'm juggling phone calls.

Just a quick yes or no if you know?

Thanks in advance, I appreciate it.

This shit is way too funny.  These are the same people that I've seen post, year after year, about how the mortgage deduction was a SCAM because only people well off enough to actually own a home, and make enough money to itemize on their taxes, could use it.

Now, I see a whole bunch of posts about people lamenting the loss of this deduction.  I'll bet less than 1% of them itemize.

LuckyCharms (1,503 posts)

1. nevermind, got it. this is what turbotax says.

Any mortgage amount (personal, rental, or business) that the money was used to buy, build, or substantially improve the home is deductible (personal residence interest may be limited to $750,000 of mortgage amount).

If the money was not used to buy, build, or substantially improve the home, a rental or business can still generally deduct the interest if the money was used for rental or business purposes.

LuckyCharms (1,503 posts)

2. EXCEPT YAHOO CONTRADICTS THIS...

Jesus Christ.

3. Interest on home equity loans will no longer be deductible
Home equity loans have long served as a key source of financing for homeowners, and up until now, homeowners could deduct interest on loans worth up to $100,000. Under the new tax changes, however, this provision is going away and home equity loan interest will no longer be deductible at all. Furthermore, whereas homeowners with existing mortgages are grandfathered into the old laws, home equity loan holders don't get that same leeway. This means that if you have a home equity loan and were counting on writing off its interest next year, you'd better think again.

Demsrule86 (18,729 posts)

5. not deductible...once again screwed by the GOP.

LuckyCharms (1,503 posts)

6. With this new rule, and the raising of the standard deduction:

1) Many more people will not be able to itemize

2) Many more people will not bother donating to charities

3) The exemption elimination will take away any benefit of the raising of the standard deduction.

They knew exactly what they were doing when writing this bill.

New campfire, could get interesting.

KC

[FlaGator]

They are talking and comparing two different things without realizing it. A mortgage is not the same thing as a home equity loan and both have different rules for filing. Mortgage interest will be deductible for up to $750,000. I don't think that Home Equity interest was ever tax deductible.

For more info https://www.cnbc.com/2017/12/19/5-deductions-taxpayers-will-miss-the-most-in-the-tax-bill.html

[Texacon]

They are talking and comparing two different things without realizing it. A mortgage is not the same thing as a home equity loan and both have different rules for filing. Mortgage interest will be deductible for up to $750,000. I don't think that Home Equity interest was ever tax deductible.

For more info https://www.cnbc.com/2017/12/19/5-deductions-taxpayers-will-miss-the-most-in-the-tax-bill.html

Do they EVER know what they're talking about?

It's all just ginned up faux poutrage anyway.  They didn't itemize before and won't now.  Not only that, but I recall reading on DU that paying taxes was a GOOD thing! 

KC

[DLR Pyro]

LuckyCharms (1,503 posts)


Does anyone know if Home Equity Loan/HELOC interest is deductible next year?

been using your home as an ATM, have we?

[landofconfusion80]

We picked one up with our latest house. It didn't cost anything to have it added into the closing costs and I never plan on using it, but the option is there if necessary.

[USA4ME]

I had a HELOC on my home in NC ($500K HELOC) and used it in my mortgage business to borrow money to reloan to others. It cost me prime minus 0.5% and I was lending it out at between 12-15%. Cha-Ching!!

But even at that, interest only payments on the HELOC was so little that it didn't make a difference. I can't imagine the primitives generating enough in interest payments off their $5000 HELOC to matter.

.

[freedumb2003b]

They are talking and comparing two different things without realizing it. A mortgage is not the same thing as a home equity loan and both have different rules for filing. Mortgage interest will be deductible for up to $750,000. I don't think that Home Equity interest was ever tax deductible.

For more info https://www.cnbc.com/2017/12/19/5-deductions-taxpayers-will-miss-the-most-in-the-tax-bill.html

These idiots are simply math-challenged.  Very few taxpayers itemize and many who do will now pay LESS in taxes as a result of the huge increase in the personal deduction.

[DLR Pyro]

These idiots are simply math-challenged.  Very few taxpayers itemize and many who do will now pay LESS in taxes as a result of the huge increase in the personal deduction.

And to DUmmies, that is a terrible thing

[Texacon]

And to DUmmies, that is a terrible thing

Yup, because of a single letter behind a persons name in a political office. That’s sad.

I hated Obama’s policies, but if had actually cut my taxes, as the DUmmies claim, I’d give him credit.

KC

[FunkyZero]

https://www.democraticunderground.com/100210031912



This shit is way too funny. 

Apparently the DUmpasses don't understand the difference between a mortgage and a home equity loan.
The evil GOP probably won't let them deduct their car loans and credit card interest either... dirty bastards!