Tax strategies for home owners
Starting this year, the interest you pay on a home equity line of credit (HELOC) is longer be tax-deductible, unless you used the money “buy, build or substantially improve” the home, usually the reason you originally took out a loan in the first place.
This means that it now costs you more to keep your HELOC.
Unless you have itemized bills to account for every penny of your loan — and the money is spent in line with the IRS guidelines — you are better off paying it off and saving the interest cost.
