As previously reported in the April 2018 edition of the CPA Client Bulletin, the Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt as of 2018. Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money. The old rule is scheduled to return in 2026.
What’s Inside
- IRS okays home equity deductions
- Buck market volatility with a retirement bucket plan
- Coping with summer vacations at your small business
- Tax calendar