Taking out a home equity line to pay down credit cards -- expect that to be a thing of the past. It might take some time for the IRS to come out with clear guidance on what records they expect taxpayers to keep. However, TCJA does make it clear that any mortgage interest is expect to meet the definition of home acquisition debt: to buy, build, or substantially improve a primary or secondary residence.
Our Two Cents
The financial planning landscape can be pretty confusing. Not only is it difficult to figure out who has your best interests in mind (as the debate over the fiduciary standard is pretty confusing), but it’s also difficult to figure out who is in the business of EARNING their fee, vice collecting it. I believe in transparency and always acting in the best interests of my clients.