Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap into their home’s equity for quick cash, using their property as collateral. But before that, you need to understand how this debt will be handled come tax season.
With the Tax Cuts and Jobs Act of 2018, the rules for home equity debt have changed dramatically. Here’s what you need to know about home equity loan taxes when you file this year.