KathrynG3
Expert Alumni

Deductions & credits

No, for the amounts of mortgage principal and the time frame when you refinanced that you are describing, you are OK.

 

It does not matter that your loan was refinanced. The rules changed under the new law, but that applies to mortgages of more than $750,000 and for properties acquired after December 15, 2017. 

 

And, yes, you are correct about your Home Equity Line of Credit (HELOC ). IRS Publication 936 Home Mortgage Interest Deduction clearly states:  "Home equity loan interest. No matter when the indebtedness was incurred, you can no longer deduct the interest from a loan secured by your home to the extent the loan proceeds weren't used to buy, build, or substantially improve your home."