WASHINGTON — The Internal income provider today recommended taxpayers that most of the time they are able to continue steadily to deduct interest compensated on house equity loans.
Giving an answer to numerous concerns received from taxpayers and income tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can frequently nevertheless deduct interest on a house equity loan, home equity credit line (HELOC) or mortgage that is second it doesn’t matter how the mortgage is labelled. (more…)