The Orange County Register quoted Assurance Partner Warren Hennagin in an article about home equity borrowing.
Orange County Register
By Jeff Lazerson
Under the new tax code, HELOC’s and HE’s are tax deductible for owner-occupied and second homes as long as the total mortgage interest (including first liens) does not exceed $750,000, according to Warren Hennagin, CPA and partner at Marcum LLP. You must use the funds for home improvements to deduct interest payments from your taxes, Hennagin said.