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Wolters Kluwer Tax & Accounting Discusses Changes to the Mortgage Interest Deduction

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Wolters Kluwer Tax & Accounting:

What: The Tax Cuts & Jobs Act put new limits on the mortgage
interest deduction and the interest deduction for home equity lines of
credit. The IRS has also provided some clarifying guidance.

Why: Homeowners and prospective homeowners will want to
understand the new tax provisions with respect to the deduction of
mortgage interest.

• New lower debt limit on mortgage interest deduction

• New limit relates back into 2017

• Older limit applies for preexisting debt and certain modifications to
that debt

• Deduction preserved for second homes

• New prohibition on line of credit interest deduction for both old and
new debt

• IRS provides clarification on line of credit debt used to acquire,
construct or improve home

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal
Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss
changes to the mortgage interest deduction in more detail.

Contact: To arrange interviews with Mark Luscombe or other
federal and state tax experts from Wolters Kluwer Tax & Accounting on
this or any other tax-related topics, please contact:

NICOLE YOUNG     BRENDA AU
347-931-1055 847-267-2046

N.Young@wolterskluwer.com

Brenda.Au@wolterskluwer.com

 

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