The Tax Cut and Jobs Act was passed in 2017, so 2018 is the first year homeowners began applying the new rules to pay their taxes. Under the new law, you can deduct mortgage-related interest on up to $750,000 worth of qualified loans for married couples filing jointly and $375,000 for separate filers for any home purchased after Dec. 15, 2017. The changes under the new law apply to all tax years between 2018 and 2025. Any debt obtained prior to this is under the old rules.
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