What You Should Know About Home Equity Loans

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
What You Should Know About Home Equity Loans

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.

Dr. Friday 0:12
Home equity loans. The Tax Cut and Jobs Act of 2017 was suspended from 2018 to 2025. The deduction of interest paid on a home equity loan or line of credit unless it was used to buy build or substantially improve the taxpayer’s homes that secured the loan. Under the new Act, for example, interest on a home equity line used to build is typically deductible as part of the interest on that. But if you use it to pay off personal loans, credit cards, or maybe even use it to buy a second property, it is not a tax deduction under your personal loan interest. If you need help, give me a call at 615-367-0819.

Announcer 0:49
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