Tax Reform Is Done: Here's How It Matters to You
After successfully reconciling different bills passed by the House of Representatives and Senate, respectively, Congress has passed the Tax Cuts and Jobs Act of 2017. It's the first major rewrite of the U.S. tax scheme in over 30 years, and it's packed with changes that could have an impact on your financial planning. Here are some of the biggest changes and how they may affect you.
Up until now, you could claim your mortgage interest on home loans up to $1 million as a deduction. Not anymore. Beginning in 2018, interest on home loans exceeding $750,000 will no longer be deductible. Existing home loans will be grandfathered, if they were closed on before Dec. 15, 2017.
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Source: Fool.com
