I purchased my condo in 2001 for approx. 120,000. I have refinanced several times since then, with the last time about 5 years ago. I currently owe about 140,000 on the loan. I am sure that most of the refinance was done to consolidate debt etc, although I have no idea how much of the loan was used for that purpose since it was last refinanced 5 years ago. I also have a HELOC. I understand that a HELOC is not tax deductible unless it is used to improve the home etc. I just assumed that my mortgage interest is tax deductible. I never took into account that it was refinanced. Does that matter?
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."