I have a Home Equity LOC; I heard I can no longer deduct it?

Today (2/21/18) we were updated by the Internal Revenue Service that in many cases your Home Equity LOC may continue to be a deduction.  The Home Equity loan will be deductible if:

  1. Used to build an addition to the existing home
  2. Total of a 1st and 2nd (or LOC) does not exceed $750,000

If the LOC is used to purchase a vehicle, pay off credit card debt, or student loans the interest on the LOC will NOT be deductible.