Ask Terry Questions HELOC interest deductible?

HELOC interest deductible?

By Terry Savage on April 18, 2018 | Housing / Real Estate

Terry, I check your site every day and love your advice and guidance, but, I wanted to follow up on a question that was asked a couple of weeks ago regarding the HELOC loans that existed before 2018. I have one that I have used for one of my children's college loans and now carries a balance from December of last year. You had stated previously that the interest on this loan would still be deductible as long as the loan existed previous to 2018. I have read many articles that state that the interest deduction was not grandfathered in, and, the only interest that would qualify as a deduction would be home repair related. I am hoping that you are right, but, could you check your source on this one for me? Thanks for all of your great work!

Terry Says

Here is your answer, direct from the IRS Website:  The title of this link is:  "interest-on-home-equity-loans-often-still-deductible-under-new-law"  Click on the blue link in the previous sentence to read it!



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