After refinancing and pulling money out of my home according to this program I'm no longer eligible for deductions. Is that correct?

I refinanced my home loan to pay off debt and remodel parts of my home. According to the program because I didn't use 100% of the money I pulled out on my home it won't let me deduct my interest, or property taxes paid. It only lets me do the standard deduction of $12,000 when my interest and property taxes totaled around $18,150. Can I no longer deduct those if I didn't use all of the money for remodeling?

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Only the interest from the original loan and cash taken out and used on the home is deductible. This is a new requirement put into effect through the Tax Cuts and Jobs Act.