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tax deductions using HELOC in 2019
If I use my HELOC to finance the installation of Solar panels for my home, will it be tax deductable in 2019?
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan. If the HELOC is secured by your main home or second home and is being used to make improvements to the home, such as installing solar panels, then the interest paid would be deductible as an itemized deduction.
IRS website for Home Equity Loan information - https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law
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