The key difference under the new law is that now, HELOC interest can be deducted only if the proceeds are used to "buy, build, or substantially improve" the taxpayer's home that secures the loan. The interest can no longer be deducted, as it could in the past, if the loan proceeds are used for other purposes.
Also, now taxpayers may only deduct interest on $750,000 of
qualified residence loans. The limit is $375,000 for a married taxpayer
filing a separate return. These are lower limits than under the "old" law
https://www.irs.gov/newsroom/interest-on-home-equity-loans-often-still-deductible-under-new-law
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
