Another change that occurred with the 2018 Tax Law has to do with Home Equity Loans. Previously the interest on (HELOC) or Second Mortgage could be deducted from your taxes regardless of the reason you used the loan for. The Tax Bill enacted on December 22, 2017, suspended the deduction of Home Equity Loans or Second Mortgage between 2018-2026.
In order to use the interest deduction on your taxes; the money must be used on your own personal residence or a second home (aka) know as a qualified residence; to buy, improve, or make additions to your personal residence. Replacing roof, decks, windows, or kitchen and bath renovations qualify for the interest deduction. No longer can you write the interest off if the funds are used for college tuition, paying off credit card debts, buying a car or taking a vacation.
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at firstname.lastname@example.org or email@example.com.