One of the changes in the Trump tax reform legislation was to remove the tax deductibility of HELOCs — Home Equity Line of Credit loans.
My contact at US Bank tells me that their lawyers say the interest is still deductible, but only if the money from the loan was used for home improvement. I used a HELOC to pay for hail damage repairs to my home and car, so I’m guessing that the interest on it will not be deductible starting this year. If this is confirmed, Rita and I are planning to pay it off as soon as possible. You may want to do the same.
Jim Smith's Blog 