I was wondering if you take out a HELC and use it to pay off credit card debt is the interest tax deductible?
I was wondering if you take out a HELC and use it to pay off credit c…
Jul 6, 2017
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Brandon Brotsky on Instagram: "Most people still think all home equity line of credit (HELOC) interest is tax deductible, but since 2018 the IRS only allows a deduction if the money is used to buy, build, or improve the home that secures the loan. If you used your HELOC to pay off credit cards, buy a car, or take a trip, that interest usually isn’t deductible and assuming it is can cause real problems at tax time. 📌 Comment “SAVE” and I’ll send you a simple list of tax savings strategies relate
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