Back in November, after the NAHB (National Association of Home Builders) worked with the Trump Administration to support Housing and Remodeling, President Trump signed a tax legislation that yielded much confusion as to what is and is not allowed to be deducted when doing a home remodeling project. Many tax deductions were eliminated, making it hard to know which ones remained to benefit those looking to do a home remodeling project. After the NAHB prodded the IRS for more clarification on this, the resolution was made that anyone financing their home improvements/home remodeling projects with a Home Equity Line of Credit (HELOC) will be able to deduct the interest off of their taxes at the end of the year. This brings a big sigh of relief for those looking to remodel their homes in 2018.
Please let us know if you have any questions about this legislation and how it affects your home remodeling project. We would be happy to help!
To read more about this topic, visit: https://www.nationalmortgagenews.com/articles/a-home-equity-tax-deduction-sees-new-life-thanks-to-the-irs