we are planning to take out a HELOC on our home this year to do a significant remodel. My question is if the combined total of what we take out in our HELOC plus our original mortgage is over $1 million at any point in the year, does that mean we cannot deduct any of the interest for tax year 2018 or only interest on up to the $1 million of combined mortgage and equity credit and then we couldn't deduct any more interest? If the latter, will this show on the 1098 or how would we calculate what interest we can deduct? This would be for acquisition debt. Thanks
