I am getting cash out of a refi of the acquisition mortgage on my home. Can I deduct all of the interest on the new loan?

Interest on the portion of the loan not in excess of the balance of original acquisition indebtedness at the time of refinancing is deductible as an itemized deduction, subject to the limitation applicable to the time when the mortgage originated. However, interest on any excess amount is not deductible unless used to buy or substantially improve a principal residence. Using excess cash from a refi to pay off credit card debt, take a vacation, or pay higher education costs does not allow a deduction for the interest on the excess portion of the refi related to the balance of the original loan to be deductible.