Feb 20, 2018
Deduction of interest on a home equity loans (HELOC)
Debt secured by a first or second home and used to remodel the house has always been considered acquisition indebtedness, so the new lawâ€™s crackdown on home equity loans doesnâ€™t apply. However, after 2017, you can no longer deduct interest on this debt used for other purposes, such as to buy a car or pay off credit card debt.
Changes to education tax breaks – 529 Plans
The 529 saving plan can now be used for Primary and Secondary Education, previously limited only to college education. After 2018, as much as $10,000, per student, per year, can be withdrawn, tax-free for tuition fees for both private and parochial elementary through high school education.
Budget deal extending tax breaks for 2017
- The write-off for private mortgage insurance
- Above-the-line tuition deduction
- The $2-million exclusion of forgiven debt on a primary home.
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