There are a lot of concerns and misconceptions about the new tax laws and how it affects homeowners.

  1. 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.
  2. 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?
  3. 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.