Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap their home equity for some quick cash, using their property as collateral. But before doing so, you need to understand how this debt will be treated this tax season.
With the recently passed Tax Cuts and Jobs Act, the rules of home equity debt have changed dramatically. Here's what you need to know about home equity loan taxes when you file this year, now that the new tax code has taken effect.
Acquisition debt vs. home equity debt: What's the difference?
For starters, it's important to understand the concept of "acquisition debt" versus "home equity debt."
By Audrey Ference
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