Word spread quickly in the days leading up to tax reform:
The home mortgage interest deduction was on the chopping block. Ultimately, the
deduction was spared, but the amount of home mortgage allowable for purposes of
the deduction was limited to $750,000 for new mortgages. Existing mortgages
were grandfathered, but that didn't appear to be the case for home equity debt,
raising some questions for taxpayers. Today, the Internal Revenue Service (IRS)
finally issued guidance concerning deducting interest paid on home equity
loans.
Questions: http://www.rehcpas.com/
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