A clarification has been issued by the Internal Revenue Service about the deductibility of interest that is paid on home-equity and junior-lien products.
The Tax Cuts and Jobs Act of 2017 was approved by Congress and signed into law last year by President Donald Trump and enacted on Dec. 22.
Under the law, joint taxpayers can deduct interest on home loans up to $750,000. Married taxpayers filing separately can each deduct interest on loans up to $375,000.
Source: Mortgage Daily
