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ncbaceo
New Member

Am I crazy or do the dates in the mortgage interest deduction instructions contradict the examples provided below the instructions...Dec. 15, 2017 vs. Dec. 15, 2018?

 
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VictoriaD75
Expert Alumni

Am I crazy or do the dates in the mortgage interest deduction instructions contradict the examples provided below the instructions...Dec. 15, 2017 vs. Dec. 15, 2018?

The tax rules on mortgage interest deductions changed from 2017 to 2018. The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filling separately).

 

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

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