February 6, 2018

How much mortgage interest can you deduct?

How much mortgage ???? and home equity loan interest ???? can you now deduct? Prior to the Tax Cuts and Jobs Act (TCJA), you could deduct interest on a total of $1 million in mortgage debt on your principal and second homes and interest on up to $100,000 of home equity debt (subject to conditions). Under the TCJA, from 2018 to 2025, the limit on home acquisition debt is $750,000. But for home loans incurred or refinanced before Dec. 15, 2017, the pre-TCJA limits still apply. Interest on home equity loans isn’t deductible for 2018 (but it’s still deductible on 2017 returns).