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“Gary Nathan exceeded all expectation as our agent. He is a professional very devoted to his clients, extremely knowledgeable, ethical and hands down is all you could as for in a real estate agent. We were delighted with him and would highly recommend him to anyone looking for an agent. ”
Steven & Diane Neeb, September 2020

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Sawyer County has some of the most pristine lakes in northern Wisconsin. Each year thousands of visitors descend on our area for the food, festivals and fun.

Woodland Developments & Realty Recent News

Interest Deductions May Continue for Home Equity Credit Lines

Posted: January 30, 2018

The new tax law eliminated a long-standing section of the tax code that allowed homeowners to borrow against the equity in their homes and use the proceeds for whatever purposes they chose while deducting the interest payments on their federal taxes. That provision of the new tax law took effect January 1, 2018, so it's been assumed by many that tax-deductible home equity lines of credit (HELOCs) no longer will be available.

However, that is not entirely true. Interest-deductible HELOCs and second mortgages should still be available to homeowners provided (1) they use the proceeds of the loan to make "substantial improvements" to their home, and (2) the combined total of their first mortgage balance and their HELOC or second mortgage does not exceed the new $750,000 limit on mortgage amounts qualified for interest deductions.

The key is that the homeowners must limit expenditures to capital improvements on their house, or for buying or building their principal residence. As always, homeowners should discuss the eligibility of a HELOC or second mortgage for interest deductions with their tax professional.

 Article from MLS.