Deducting interest from HELOC grandfathered in?

[spncity]

Is this true of the proposed tax bill?

"You'll also want to think twice about taking out a home equity loan or line of credit, as the bill won't permit you to deduct the interest."

My question though is - if you already have a loan from a HELOC - is the deduction of interest grandfathered in when things like this change?

Just curious. Not political - just trying to decide whether to take out an interest only loan from HELOC before the end of the year if it would be grandfathered...

Similar to the strategy of funding a DAF with more money now.

Thanks

 

[Another Reader]

The Senate version, yes. In one article, the statement was that HELOCs are removed from the tax code. To me, the implication is that interest on existing HELOCs will no longer be deductible. However, who knows what will end up in the reconciled bill or what the IRS will say if the reference is deleted?

ETA: My CPA has been able to deduct the HELOC interest, despite the total debt on the primary residence being more than $100k over the initial mortgage, because the money was used to finance or do capital improvements on the rentals. Not sure what will happen if the deletion stays in the final bill.