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?
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Nevermind, I have to follow the rules in publication 936. -
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)."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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Sounds logical. Thanks for your reply.Comment
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