<p>Agree that you should check IRS rules - in particular, the rules on Alternative Minimum Tax. When you figure your taxes for AMT, you are not allowed to deduct things like state/local taxes or interest on HELOC or refi that was not for improvements to the house. If you’re not close to having to pay AMT it’s not an issue. But then I’m an engineer not a tax accountant, so can’t give specific advice.</p>