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What the new tax law will do to your mortgage interest deduction

The Tax Cuts and Jobs Act (TCJA) trimmed two important tax breaks for homeowners and left another big one completely untouched. In my last column, I covered how the new law can limit itemized deductions for real property taxes and how it left the valuable home sale gain exclusion break untouched.

In this column, I’ll cover how the new law limits itemized deductions for mortgage interest.

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 residence (so-called home acquisition debt).

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