Quote:
According to the IRS, the Tax Cuts and Jobs Act states that interest paid on home equity loans and lines of credit is still deductible, as long as they money is used to “buy, build or substantially improve” the taxpayer’s home that secures the loan in question.
But if the money is used to pay other expenses, the interest is not deductible.
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the crux, IMO.
And remember the threshold is $750K of indebtedness.
Although it doesn't exactly address EXISTING mortgage debt, which was still subject to the $1MM threshold. Everyone was just operating under the assumption that HELOC interest wouldn't be tax-deductible.
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