I am considering a home equity loan and need to know if I can still deduct the interest if I make improvements to the house. Both sites could be viewed as correct. The answer is based on the way that.
Under the new law, home equity loans and lines of credit are no longer tax-deductible. However, the interest on HELOC money used for capital improvements to a home is still tax-deductible, as long as it falls within the home loan debt limit.
cant pay mortgage this month do i qualify for a home equity line of credit what happens if you default on a home equity loan What Happens When You Default on a Home Equity Loan. – That home equity loan sounded like a good idea at the time — tap into your equity and use that money to fund home improvement projects or even your kid’s college education. Unfortunately, the time will come when it’s time to pay. Be careful — a default on a home equity loan can have long and far-reaching consequences. missed payments.