Monday, December 17, 2018
Mortgage Interest on Home Equity Loans, Home Equity Line of Credit, and Second Mortgages
If the borrowed funds were used to substantially improve your principal or second residence and your acquisition indebtedness does not exceed $750,000 then the mortgage interest on home equity loans is deductible. If the home equity loans existed at December 15, 2017 then the cap is $1,000,000 on acquisition indebtedness. However, if the home equity loan was used for anything other than improving your first or second home like a new car, then it will not be deductible under the new rules regardless of when you obtained the loan. In other words there is no grandfathering on home equity loans allowing a mortgage interest deduction if you use the funds for anything other than improving your home.
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