National Association of REALTORS® President Elizabeth Mendenhall issued the following statement Thursday regarding the Internal Revenue Service announcement clarifying tax deductions taken on home equity loans, lines of credit or second mortgages:


“The NAR is pleased with the IRS announcement clarifying and confirming that under the new tax law owners can continue to deduct the interest on a home equity loan, line of credit or second mortgage when the proceeds are used to substantially improve their residence. There has been much confusion on this issue, and the continued deductibility will bring real benefits to those who choose to take on remodeling projects to bring more resale value to their home or gain equity that may have been lost during the downturn.”