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Home equity tax deduction loss complicates a popular way to pay for college

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Most taxpayers should see a decrease in their 2018 taxes as a result, and therefore see an increase in take-home pay. track of tax ramifications, you may miss out on ways to save on your taxes -.

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"There’s going to be a greater incentive now for people to pay down that home equity line because they’re not getting a tax deduction and interest rates are rising. So the net cost of that.

In the past, paying for college through a home equity loan was a popular method to pay for college due to the low interest rates and tax deduction. With the new tax law, that may change. Find out if it’s still right to pay for college with a home equity loan.

This year’s tax. Deductions on interest for home equity loans also has been curtailed. “Now it is only deductible if you use the proceeds to improve the property,” Mueller said. “People might have.

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 · iStock. Because home equity loans and home equity lines of credit (HELOCs) are secured by an asset – a home – they often come with lower interest rates than unsecured forms of borrowing. As a result, many homeowners choose to tap into their equity to fund home improvement projects, pay down debt or cover other expenses.

In addition, funds in tax-preferred 529 education accounts can be used to pay for tuition at private and religious elementary and secondary schools in addition to college. increased standard.

Looking for ways to cut your tax bill at tax time? It might pay. deduction, yet many moderate- to middle-income families fail to make the most of it. Mortgage interest on a first and a second home.

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With a tax deduction gone, is home equity a smart way to pay for college? Originally published January 20, 2018 at 8:00 am Updated January 22, 2018 at 8:07 pm

Not only is the standard deduction going way up, but some of the best itemized deductions have also. and eliminated on home equity loans), the casualty and loss deduction (now limited to.

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Tax-loss harvesting is another popular tactic. to utilize a tax credit or deduction should be made as part of an overall financial strategy. But exploring various scenarios now with a tax or.