There have been a lot of questions floating around in regards to the new tax laws. The biggest concern my clients face is the inability to deduct the interest on new mortgage above $750,000. Up until the end of 2017, mortgages up to $1,000,000 could deduct the interest paid during each year’s filing.
Additionally, property tax deductions before this year had no limit and are now capped at $10,000. Property tax is essentially based on the size of the property and the current rate for the county in which it’s located.
The following article by Citywide Home Loans, a preferred lender of mine, discusses further the tax changes that you should be aware of. Including the situations in which a homeowner could potentially increase the property tax limit of $10,000.
Published by: Citywide Home Loans