There are a lot of concerns and misconceptions about the new tax laws and how it affects homeowners.
- NEW TAX LAW HAS REMOVED MORTGAGE INTEREST DEDUCTION – MYTH
Know that unless your mortgage is over $750,000 and it was established in 2018 or later, there is no change. You can still deduct your mortgage interest.
- THE MORTGAGE INTEREST DEDUCTION IS NO LONGER ALLOWABLE WITH A HOME EQUITY LINE OF CREDIT. TRUE
Did you buy a home to get a line of credit?
- NEW TAX LAW HAS PROVIDED A LARGER STANDARD DEDUCTION FOR ALL OF US FILING TAXES.
This will double for singles – or almost double. $12,700 a year ago to $24,000 if filing jointly.
More details in this video.