While the new Tax Cuts and Jobs Act (TCJA) adversely shifts the playing field for home mortgage interest deductions, all is not necessarily lost. Many homeowners will be blissfully unaffected because “grandfather” provisions keep the prior-law rules in place for them.
That said, many homeowners will be adversely affected by the TCJA provision that for 2018-2025 generally disallows interest deductions for home equity loans. Once again, however, all is not necessarily lost. The little-known fact is that you still deduct home equity loan interest in certain circumstances.
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