Fed Tax Updates.

• Author: Josephs, Stuart R.
• Position: Brief article

Home Equity Debt and Advance Payments

This month's FedTax column, Page 24, discusses various aspects of the 2017 Tax Cuts and ob Act. The following are some additional items:

Home Equity Debt

The Act disallows interest on home equity debt for tax years beginning after 2017 and before 2026. However, under IR-2018-32, this interest still is deductible if the debt proceeds arc used for home improvements.

Advance Payments

The Act added new Sec. 451(c), which largely follows Rev. Proc. 2004-34. IRS Notice 2018-35 (IRB 2018-18, Apr. 30...