There’s been a lot of buzz about the new tax bill and with good reason-the Tax Cuts and Jobs Act made a lot of changes to the existing tax code. Most of them begin in 2018 and they’re a lot to get your mind around. If you’ve historically chosen to itemize rather than take the standard deduction, here’s what you need to know in the years going forward.
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Before refinancing in 2018, we suggest you discuss the tax implications with a tax adviser if you are considering a refinance mortgage that requires mortgage insurance. Learn more about tax deductions with PMI since Congress passed the new law.
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Beginning in 2018, the deduction was scaled back to interest on debt up to $750,000, instead of $1 million, for people who bought homes on or after Dec. 15, 2017. Tax law through 2017 Tax law.
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If you’re looking for ways to maximize benefits under the new law, here are some deductions to keep an eye on this year: mortgage refinancing thinking about refinancing your mortgage in 2018? You may.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.
In 2018, borrowers are looking at interest rates and the tax law changes and are doing more cash out refinances of their first mortgage. As of the last quarter of last year, $68,000 in equity on average for a total of $26 billion was taken out by people doing cash out refinances.
Mortgage Taxes in 2018: What You Need to Know. one of the biggest deductions that the tax laws currently allow.. as a home equity loan and now gets no interest deduction. If you refinance a.
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Points paid as part of a mortgage refinance usually have to be deducted. Professional dues and licensing fees While the Tax Cuts and Jobs Act eliminated this deduction starting in 2018, you can.
In other words, unless you took out a new mortgage after Dec. 14, your tax deduction for mortgage interest will be the same in 2018 as it was in 2017. Things like cash-out refinancing or "second.