Free 2018 Tax Planning2019-01-05T15:05:52+00:00

Free 2018 Tax Planning

Mortgage interest

The itemized deduction for home mortgage interest is limited to claiming the home mortgage interest deduction only for interest paid or accrued on acquisition.

 

The deduction of interest on home equity debt is suspended. The maximum amount that may be treated as acquisition debt is reduced to $750,000 ($375,000 MFS) for any acquisition debt incurred after December 15, 2017. The cutoff point is still $1 million for mortgages that were taken before December 15, 2017.