6. Mortgage interest – and more
Finally, there’s the mortgage interest deduction. Most people can deduct most or all of the interest they pay on their mortgage each year, which can add up to a lot of money. Here are some rules you need to know:
The recent tax law changes reduce the maximum home loan size for which you can deduct interest from $1 million to $750,000.
The new law limits the deductibility of interest on home equity loans, too. You can now only deduct the interest if the loan was used to buy, build, or improve your home, and if it doesn’t push your total outstanding mortgage debt above the $750,000 limit.
The new rules apply to mortgages originated after 2017. If your mortgage was taken out earlier, the older limits apply.
3 thoughts on “6 Best Tax Deductions for 2019 to Take Advantage Of”
My “tax guy” could give you all pointers!
Can you deduct medicine, medical gas if so how much
what about corp. building what limit on mortgage deduction. what changes and tax break given by Trump administration