Unrestricted deduction for home equity loan interest
By this point, you probably heard about changes in mortgage interest deductions. However, you may not be aware of changes regarding interest deductions for home equity loans. Basically, starting 2018, even if you have an existing home equity loan, you can’t deduct the interest.
Also, it’s important to know that the total of the first mortgage and home equity loan can’t go above $750,000.