Anna Webber | Getty Images Quick Read HELOCs do not qualify for tax deductions unless funds are used for substantial home improvements under current law. A couple borrowed $50,000 through a HELOC based on false advice about tax benefits that ended in 2017. Paying interest to generate a smaller tax deduction creates a net loss rather than savings. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier than ...