1 Smart Tax Move to Make in December 2017
While tax reform isn't exactly a sure thing just yet, it does appear that the standard deduction could rise and the popular mortgage interest deduction could become far less useful to many people. The good news is that if you plan to claim the mortgage interest deduction on your 2017 tax return, there's a way to squeeze some extra tax savings out of it.
Under current tax law, mortgage interest on up to $1 million in mortgages is tax-deductible for taxpayers who choose to itemize deductions. This can be a mortgage used to construct, buy, or improve a first or second home. In addition, interest on up to $100,000 of home equity debt can be deductible. For individuals who use the "married filing separately" tax filing status, these debt limits are cut in half.
Image Source: Getty Images.
Source: Fool.com
