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

 · The recently enacted tax reform package changed the way we think about itemized deductions by placing caps on some items and outright repealing others.. Deduction for home equity.

Claiming the Tax Deductions on a House With Multiple Names on the Deed By: Fraser Sherman If you pay most of the deductible expenses, you get most of the tax savings.

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The home equity theft reporter: More On HOAs Putting Squeeze On Banksters That Avoid Coughing Up Condo Fees By Foot-Dragging Foreclosure Actions On Delinquent unit owners home equity tax deduction loss complicates a popular way to pay for college The Home Equity Theft Reporter: More On HOAs Putting Squeeze On Banksters That Avoid Coughing Up.

Interest from a home equity loan is no longer tax deductible when used. Home equity loans have become a popular way to help fund college.

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 · Prior to the Tax Cuts and Jobs Act, you were able to write off the interest for up to $1 million in mortgage debt. If you took out a home equity loan or line of credit, you were also able to.

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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.

If you took out a home equity loan. Will It Be Harder to Pay for college? For now, very little will change for tax breaks related to higher education. 529 plans are a popular way to save for.

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The new law dropped tax rates for most Americans and eliminated the personal exemption but roughly doubled the standard deduction. unrelated to your home-for instance, financing college. "Taxpayers.

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