Wolters Kluwer Tax & Accounting Discusses Changes to the Mortgage Interest Deduction
--(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
KEYWORD: UNITED STATES NORTH AMERICA DISTRICT OF COLUMBIA ILLINOIS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ACCOUNTING BANKING FINANCE
SOURCE: Wolters Kluwer Tax & Accounting
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PUB: 07/31/2018 10:00 AM/DISC: 07/31/2018 10:01 AM