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

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.

Also Read: Existing-home sales tumble as supply crunch squeezes

>>> Original Source <<<