Home equity tax deduction loss complicates a popular way to pay for college

Norwalk adds, though, that lower tax rates for high-income taxpayers could help offset the loss of the deduction. build or improve your home. If you use a home-equity line of credit to pay for.

Popular Stories. Home equity tax deduction loss complicates a popular way to pay for. – When the new tax law took effect on Jan. 1, the deduction on home equity lines of credit (HELOCs) or home equity loans became a thing of the. The Home Mortgage Interest Deduction – Changes Under the TCJA.

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Taxpayers used to be able to take a home equity loan or tap into a home equity line of credit, spend the money on whatever they wanted (pool, college tuition, boat, debt consolidation) and the interest on the loan was tax deductible. For borrowers in higher tax brackets this was a huge advantage.

 · Some interest on home equity loans would no longer be deductible beginning in 2018 under the GOP tax bill. So you might want to make that January payment in December to lock in a deduction.

 · What if I sell my home for a loss? Losses from the sale of personal-use property, such as your home or car, are not deductible.. Pay By. Bank Account (Direct Pay) Debit or credit card. payment plan (installment agreement). Popular For Tax Pros. Form 1040-X. Amend/Fix Return. Form 2848. Apply for Power of Attorney. Form W-7.

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What’s less well known are some of the tax disadvantages that can bite homeowners when they sell at a loss or wind up losing a house. With a tax deduction gone, is home equity a smart way to pay for college? originally published january 20, 2018 at 8:00 am Updated January 22, 2018 at 8:07 pm

Because it is not always possible to pay for college expenses out of savings, many families may find that they will need to borrow at least some money to help pay for college. federal student Aid (FSA) is a program authorized under Title IV of the Higher Education Act of 1965.

With a Tax Deduction Gone, Is Home Equity a Smart Way to Pay for College? "For parents facing the prospect of six-figure college bills, every bit of savings and every last tax break helps. So as Americans digested the details of the tax bill that passed last month, it was natural to lament the end of deductions for interest people pay on home.