I think it's straightforward. Since 1st Mortgage interest is deductible, but HELOC interest no longer will be, will it be allowable to roll the HELOC into a new first and deduct all the interest?
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No.
Acquisition debt is the debt you incurred to buy or remodel the home. Equity debt is everything else. Even if you combine them in one loan, your interest is only deductible on the part of the new loan that is equal to the balance of the first mortgage (your acquisition debt) on the day you rolled it into the new loan.
No.
Acquisition debt is the debt you incurred to buy or remodel the home. Equity debt is everything else. Even if you combine them in one loan, your interest is only deductible on the part of the new loan that is equal to the balance of the first mortgage (your acquisition debt) on the day you rolled it into the new loan.
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