i've not seen yet anything on whether or not existing helocs are grandfathered.

i'm guessing not, but i haven't seen anything one way or the other.

But the limits on mortgage, state tax and property tax deductions combined with the elimination of virtually all other itemized deductions makes the point moot for most of us anyway.

thanks, mainly to long term insurance which is close to $9,000 for both of us?

Have they eliminated the itemized deductions?

Google that specifically though.

Hubs and I are screwed due to unreimbursed business expenses being wiped out.

can provide info on this. If this is the case...There are going to be ALOT of pissed off people.

have thought through the microeconomic decisions that will be driven by this tax plan. In addition to pruning some of the deductions, you will also move the threshold for itemizing from $12,700 to $24,000.

I think they will be surprised, and many of their voters will be as well, by having the number itemized deductions go from 30% to 10% of tax returns.

1. No longer tax deductible contributions to your church (this is immediately 12%/22%/24% less money available.
2. When you calculate that home purchase again the ongoing mortgage interest and property taxes will be 12% to 24% higher
3. As you indicated home improvements have gotten more expensive (both not being able to deduct interest and higher assessed value for property taxes).

Being able to deduct home equity loans was logical when they were used for home improvements. The problem began when people started using them for everything else.

Adding to your mortgage obligation for things like Harley's, boats and vacations was never the intent and then being able to deduct the interest on your taxes was a loophole.

the Home Equity came through. New windows and carpets, sidewalk refacing cabinets.

We've never used it for anything else.

Many people chose to stay home rather than move, remodeling and updating them instead.