Quote:
Originally Posted by codeman671
...
Do you own a home and have access to home equity? A HELOC will be a better rate and more flexible. With recent tax law changes and limits I am not sure how much of the interest, if any, would still be tax deductible.
|
With inflation out of control, HELOCs are a ticking time bomb. There is enormous pressure on the FED to significantly increase their rates to tame inflation. When that happens, HELOC rates will soar as well.
And no, unless you used your HELOC funds to pay for home related expenses, they are not tax deductible. I used mine for a car and got no deduction. Even if you could, the large increase in the standard deduction means, for most people, you wouldn't pay enough interest to get a bigger tax break than you are already getting with the standard deduction.
As to slip costs, valet costs are soaring as well. Up $1000 last year and $1000 this year.