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Your Income Taxes

Old 01-01-2019, 12:40 PM
Join Date: Nov 2000
Location: Lewes, DE
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Originally Posted by ralper View Post
The answer to whether or not you can deduct interest on a home equity loan originated before 2018 is maybe. If the debt was used to buy, build or substantially improve the residence that it is secured against, you can continue to deduct the interest. If it was used for other purposes (ie: paying off credit card debt, the purchase of a car and etc.) you cannot.
Not a fan of Home Equity loans to buy stuff or pay off credit cards. Maybe for a home improvement as that will add to the value of the home and the interest is therefore deductible. Thank you for all the great advice.
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