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Mortgage and Home Equity Interest Under TCJA

By BARRY LISAK
Posted 7/17/18

The new tax law imposes a lower dollar limit on mortgages qualifying for the home-mortgage interest deduction.

Beginning in 2018, taxpayers may only deduct interest of $750,000 of qualified residence loans. This is down from the prior limits of $1 million. The limits apply to the the combined amount of loans used to buy, build or substantially improve the taxpayer’s main home and second home.

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