The new tax law knocks out the itemized deduction for interest paid on home equity loans. That’s right, a taxpayer may not claim an itemized deduction for mortgage interest paid or accrued on any home equity debt of any qualified residence of the taxpayer for tax years beginning in 2018 through 2025.

Tax Tips you can use

Mortgage interest related to home office. A self-employed taxpayer who reports his or her trade or business on Schedule C of Form 1040, and who uses a portion of his or her residence as a qualified home office will continue to be able to deduct the share of mortgage interest related to the home office, without regard to the mortgage limitation. (Note: The home office deduction is subject to limitation, based on the income earned by the taxpayer in the related activity).