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Mortgage, Home Equity Interest Under TCJA

By BARRY LISAK
Posted 8/5/19

The new tax law (TCJA) 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 limit of $1 million. The limit applies to the combined amount of loans used to buy, build or substantially improve the taxpayer’s main home and second home.

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