Under the new tax law, which is in effect as of the 2018 tax year, interest on a home equity loan is deductible ONLY IF the funds are used to buy, build or substantially improve the taxpayer’s home that secures the loan, and your total mortgage indebtedness is less than $750,000. If the funds are used for any other purpose, the interest is not deductible.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
