Interest on Residence Equity Loans Frequently Nevertheless Deductible Under New Law
WASHINGTON — The Internal income provider advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans today.
Giving an answer to numerous concerns gotten from taxpayers and tax experts, the IRS stated that despite newly-enacted restrictions on house mortgages, taxpayers can frequently nevertheless deduct interest on a property equity loan, home equity personal credit line (HELOC) or 2nd home loan, it doesn’t matter how the loan is labelled.
