Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Personal Finance and Investing

MichMan

(14,131 posts)

5. Many of the equity loans had nothing to do with homes

Reply to question everything (Original post)

Wed Dec 20, 2017, 04:19 PM

Dec 2017

Being able to deduct home equity loans was logical when they were used for home improvements. The problem began when people started using them for everything else.

Adding to your mortgage obligation for things like Harley's, boats and vacations was never the intent and then being able to deduct the interest on your taxes was a loophole.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

8 replies

= new reply since forum marked as read

Highlight:

Home Equity line of credit [View all] question everything Dec 2017 OP

correct. unblock Dec 2017 #1

Grandfathered. elehhhhna Dec 2017 #3

What about those of us whose itemized deductions have been more than $24,000 question everything Dec 2017 #7

Pretty much. elehhhhna Dec 2017 #8

Good question. I saw the same thing somewhere...can't remember where. I hope someone skylucy Dec 2017 #2

I am not sure the Republicans exboyfil Dec 2017 #4

Many of the equity loans had nothing to do with homes MichMan Dec 2017 #5

Well, I don't know about you. Our 30-yr old house has been needing updates and this is where question everything Dec 2017 #6