You may have heard radio advertisements that Home Equity Lines of Credit (HELOCs) are no longer deductible after 12/31/17 as a result of the new tax law. The announcer says that you should roll up your HELOC into your current debt and refinance your new mortgage now. Hello again, Lynn Spencer here; today I want to discuss why it may not be advantageous for you to refinance as the ads suggest. Interest expense from HELOCs IS still deductible for home improvements up to $100,000 or for the funds necessary to purchase another home. The final regulations should be out this summer on the question whether you can deduct HELOC interest for the purchase of an investment property. It will be necessary from now on to track what the HELOC loan was for (even if prior to 12/31/17) so that you may continue to claim the interest deduction. In case you are not clear, HELOC interest is no longer deductible for vacations, tax payments, car loans, personal expenses and the like.
At Killingsworth Spencer in Roswell, we are here year round to provide expert tax advice. If you have any questions concerning your HELOC, give one of our CPAs a call or click the Hyperlink below to learn more about how we can help to make your financial life easier to understand.
Have a great week
 
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We can schedule Saturday appointments if necessary
Appointments available between 1pm and 4pm
(For more details see the following link)
S
11115 Houze Rd., Suite 100
Roswell, GA 30076
(770) 552-8286
www.killingsworthcpa.com
2020-01-03T06:24:54+00:00
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