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Old 12-30-2017, 05:42 PM
459 posts, read 260,049 times
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I Googled this but was not able to find the answer. How will the 2018 tax bill impact mortgage interest deductibility on a new second home mortgage? Looking at buying a second home, which will eventually be my retirement home. Thanks in advance!
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Old 01-06-2018, 09:09 AM
Location: 5,400 feet
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2017 law is that mortgage interest can be deducted on up to $1 million in mortgage debt. 2018 law has reduced that to $750K of mortgage debt. Since the prior law limitation applied to second homes, I think the new law does also. So your total mortgage debt interest limit on all such deductions would be interest on up to $750K of mortgage debt.
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