Save the Mortgage Interest Deduction

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“The bill eviscerates existing housing tax benefits by drastically reducing the number of homeowners who can take advantage of mortgage interest. deduction. This change to the MID would impact.

We conclude this section with a brief, partial discussion of mortgage interest deductibility and the TCJA. The TCJA has a number of provisions that will affect the revenue implications of the mortgage interest deduction, including the reduction in individual marginal income tax rates and the increase in the standard deduction.

The mortgage interest deduction is now on the chopping block! It is a very key component of owning a home, since in the first so many years all you pay is interest on your home mortgage. This deduction is usually thousands of dollars a year for every American household.

New limits on home mortgage interest deductions . For 2018-2025, the TCJA generally allows you to deduct interest on up to $750,000 of mortgage debt incurred to buy or improve a first or second.

How mortgage interest deductions work. All told, these homeowners can expect to save $3,333 in taxes during their first year in the home. However, by the loan’s 30th year, in 2046, their interest payments will dwindle to $367, and their tax savings to $103. Still, though, this family should be happy, because by the end of their loan,

The tax law says that the home mortgage interest deduction must be cut in half in the case of a married person filing an individual return–in other words, a married person filing separately can deduct the interest on a maximum of $375,000 for a home purchased after December 15, 2017, and $500,000 for homes purchased before that date.

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The president’s proposal would essentially marginalize the use of the mortgage-interest deduction, which is the government’s primary form of direct housing assistance: It distributes three times more.

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 · Money. Powerful lobbyists swoop in to save sacred tax break. Comments from incoming administration officials spark a scramble to save the mortgage interest deduction.

A: The deduction should be altered by reducing the cap on the amount of mortgage principal on which interest receives a tax preference, coupled with either: Deductibility of only a fraction of home mortgage interest; or. A fixed-rate non-refundable tax credit for home mortgage interest.