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Out Of The Blue News

HELOCs & Tax Deductibility

If you have a Home Equity Line of Credit (HELOC), you may be affected by the new tax legislation. HELOCs may no longer be tax deductible under the new tax law! 

The new tax law restricts interest deductions from HELOCs pending two provisions: 

 1. The HELOC proceeds are used to make substantial improvements to your home and 

 2. Your first mortgage balance and the HELOC balance do not exceed a combined total of $750,000. 

If your HELOC does not meet these requirements, you may not be able to deduct the interest that you pay on your HELOC.*

Call us today and let us review your current loan terms to determine if consolidating your current mortgage with your HELOC could improve your financial position.

Subject to credit approval.

 

*Blue Skye Lending does not provide tax advice. Please consult your tax advisor before engaging in any transaction.

Blue Skye Lending
8130 Lakewood Main Street, Suite 205, Lakewood Ranch, FL  34202
Office:  (941) 256-8420
Fax:  (866) 803-6341
Info@BlueSkyeLoans.com
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