Downsized Mortgage Interest Deduction

New homebuyers will now only be able to deduct interest on the first $750,000 of mortgage debt on a newly purchased home.

Less Reasons To Itemize

The final tax bill eliminated the deduction for interest on home equity loans. Currently, that’s allowed on loans up to $100,000

Limited On Property Tax Deduction

The legislation will allow individuals to deduct up to $100,000 in state and local property taxes and income or sales taxes.

Tax Break Stays For Home Sellers

Taxpayers will still be able to exclude up to $500,000 (or $250,000 for single filers) from capital gains when they sell their primary home as long as they’ve lived there for two of the past five years.