One of the changes in the Trump tax reform legislation was to remove the tax deductibility of HELOCs — Home Equity Line of Credit loans.
My contact at US Bank tells me that their lawyers say the interest is still deductible, but only if the money from the loan was used for home improvement. I used a HELOC to pay for hail damage repairs to my home and car, so I’m guessing that the interest on it will not be deductible starting this year. If this is confirmed, Rita and I are planning to pay it off as soon as possible. You may want to do the same.
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Author: Golden Real Estate, Inc.
Golden Real Estate is a prominent member of the Denver/Jefferson County real estate scene. Based in Golden, we service both Denver and Jeffco, representing both buyers and sellers. We're well known for Broker Jim Smith's weekly "Real Estate Today" column published in the Denver and Jeffco editions of the Denver Post's YourHub section each Thursday. The column also appears in several weekly newspapers and is archived at www.JimSmithColumns.com. We have nine agents, all of whom are Realtors and EcoBrokers. Our office is Net Zero Energy since December 2017, and several of us drive electrics cars. Known for our sustainable practices, we accept polystyrene (aka "Styrofoam") for recycling, keeping 200 cubic yards per year out of area landfills.
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