Have you wondered how the new tax law affects mortgage interest? This article, written by HouseLogic, breaks down everything you need to know including big changes like standard deductions and home equity loans and other changes such as mortgage interest deductions and rental property deductions. Whether you bought a new home or you’re planning on buying a home, this article provides great tips on how to navigate the new tax law.
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Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.
Stay calm. This doesn’t automatically mean your taxes are going up. Here’s a roundup of the rules that will affect homeowners — and how big of a change to expect. Continue reading…