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IRS Announces Home Equity Loans Still Eligible for Mortgage Interest Deduction

Posted By Nicolette Strobing, Friday, February 23, 2018

Yesterday, the Internal Revenue Service (IRS) announced that home equity loans used for substantial home improvements will continue to be eligible for the mortgage interest deduction (MID) under the recently enacted tax reform law.

Throughout the course of the tax reform debate, WDMA continued to urge for the continuation of the ability to deduct mortgage interest on home equity loans and lines of credit. Many consumers use these types of loans for window, door and skylight replacement projects, remodels and additions. The IRS has announced that although the tax reform law eliminated the MID for some home equity debt, it would still be deductible for improvements to the home

"WDMA is pleased that the IRS has made this decision quickly," said WDMA President and CEO Michael O'Brien. "This will allow certainty in the marketplace for consumers considering replacement projects, remodels and home additions as to whether their mortgage interest will continue to be deductible."

To read the IRS announcement, click here.

WDMA members with questions may contact Kevin McKenney, WDMA Director of Government Affairs, at kmckenney@wdma.com.

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