Redding CA Bookkeeping and Tax Service

Home Equity Loan Interest Deduction – Did You Know?

The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the deduction for interest on most home equity loans. However, you may still be able to deduct some or all of the interest you paid on a home equity loan if you used loan funds to build, expand, or substantially improve your home.

Examples of potentially qualifying projects include building a carriage house or three-season porch, expanding your garage, or replacing your roof.

Leave a Reply

Your email address will not be published. Required fields are marked *