Interest on home loan debt above $750,000 is not deductible. The good news is that the $1 million limit still applies to any mortgage taken out before Dec. 15, 2017.
When you take out either a home equity loan or a home equity line of credit, you also benefit from the fact your interest may be tax deductible. Under recent changes made by the Tax Cuts and Jobs Act,
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The deduction amount includes the interest you pay on your mortgage, home equity loan, home equity line of credit (HELOC) or mortgage refinance. If you took on the debt before Dec. 15, 2017, you can deduct interest on $1 million worth of qualified loans for married couples and $500,000 for those filing separately for the 2018 tax year.
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