Interest on Home Equity Loan not used to buy, build or improve home.- Deduct for NY?

[cipparulo12345]

So since the TCJA suspended the deductibility of interest on a home equity loan or line of credit where the proceeds are not used to buy, build or improve your home and since New York does not follow the TCJA is it safe to assume you can deduct interest on a home equity loan or line of credit not used to buy, build or improve your home?

[cipparulo12345]

Nevermind, I have to follow the rules in publication 936.

[Rapid Robert]

I assume it works the same as California, to which, like NY, fed doesn't conform. On the CA return, you can deduct mortgage interest on up to $1M of acquisition debit and an additional $100K of equity debt, just like fed pre-TCJA (and post TCJA).

[cipparulo12345]

Sounds logical. Thanks for your reply.

[New York Enrolled Agent]

Your answer lies herein

Itemized deductions (ny.gov)