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Capitol Report: Tax breaks for home mortgages to sink 30% in 2018 due to Trump tax law, study shows

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Owners of expensive homes won’t save as much from the mortgage deduction after the Trump tax law.

One of the most cherished tax breaks in America, deducting the interest on a home mortgage, is going to get whacked down to size in the next few years.

Fortunately most Americans won’t really notice.

A group of congressional tax experts predict claims for mortgage deductions will fall 30% in 2018 — to $40.7 billion from $66.4 billion in the year before the Trump tax cuts took effect. Claims will decline even further to $34 billion in 2019.

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