2018 home equity interest

[Rapid Robert]

Cheers to TaxGuyBill for making the best comment in this thread, the other two, I'm not sure they're accurate. I do know the IRS has a publication all about home mortgage interest, I'm pretty sure they define acquistition debt and equity debt in that publication.

[JON]

Helco

HELCO loan interest I believe on/after 1/1/18 is not deductible. I originally thought you could trace, but I have been convinced now no such luck. The bill in the House, Senate and what came out of the conference committee and signed by the President all had the same language and none made reference to making the HELCOs traceable and deductible, only made it not deductible.

All mortgages may need tracing - statement from the clients is what I need no tracing.

[TaxGuyBill]

Mortgage interest to buy, build or substantially improve the home is still deductible (up to the $1,000,000/$750,000 limits).

It does not matter if the loan is called a 1st mortgage, 2nd mortgage, Home Equity Loan, Line of Credit, or whatever else. The mortgage interest to improve the home is still deductible (up to the limits).

[Kram BergGold]

Home Equity interest not traced is no longer deductible starting in 2018. Is this true, even if the loan proceeds are used to improve that home? I believe this is the case but I need to be sure.