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Wolters Kluwer Tax & Accounting Discusses Changes to the Mortgage Interest Deduction

July 31, 2018

--(BUSINESS WIRE)--Jul 31, 2018--Wolters Kluwer Tax & Accounting:

What: The Tax Cuts & Jobs Act put new limits on the mortgage interest deduction and the interest deduction for home equity lines of credit. The IRS has also provided some clarifying guidance.

Why: Homeowners and prospective homeowners will want to understand the new tax provisions with respect to the deduction of mortgage interest.

• New lower debt limit on mortgage interest deduction

• New limit relates back into 2017

• Older limit applies for preexisting debt and certain modifications to that debt

• Deduction preserved for second homes

• New prohibition on line of credit interest deduction for both old and new debt

• IRS provides clarification on line of credit debt used to acquire, construct or improve home

Who: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting, is available to discuss changes to the mortgage interest deduction in more detail.

Contact: To arrange interviews with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact:

View source version on businesswire.com:https://www.businesswire.com/news/home/20180731005610/en/

CONTACT: Wolters Kluwer Tax & Accounting

NICOLE YOUNG

347-931-1055

N.Young@wolterskluwer.com

or

BRENDA AU

847-267-2046

Brenda.Au@wolterskluwer.com

KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA ILLINOIS

INDUSTRY KEYWORD: PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE

SOURCE: Wolters Kluwer Tax & Accounting

Copyright Business Wire 2018.

PUB: 07/31/2018 10:00 AM/DISC: 07/31/2018 10:01 AM

http://www.businesswire.com/news/home/20180731005610/en

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