The attention paid on that home equity loan may be tax deductible still, in many cases.
Numerous taxpayers had feared that the brand new income tax law — the Tax Cuts and work Act of 2017, enacted in December — had been the death knell for deducting interest at home equity loans and credit lines. The loans are derived from the equity in your home, and therefore are guaranteed because of the home. (house equity could be the distinction between just what the house is really worth and your balance on your own home loan. )
Nevertheless the irs, saying it had been giving an answer to “many concerns gotten from taxpayers and tax professionals, ” recently issued an advisory.