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Have a home equity loan? Here’s what you need to know about your taxes

Homeowners with home equity loans may be reaping the benefits of deducting interest paid in 2017, but they shouldn’t get used to it.

The new tax reform law drastically changed how the tax code will treat home equity debt — but few consumers understand how that change will affect their tax bill.

Only 4.4% of borrowers correctly identified that the new tax code will hurt home-equity loan borrowers because it eliminated this deduction in a recent poll of 1,000 borrowers. And more than half of the borrowers surveyed (54%) either thought that the new tax code positively affected the treatment of home equity loans or that didn’t impact it at all.

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