Congress considers a bill that would eliminate the mortgage interest deduction for individuals. For the housing industry, this is an example of <u>Tax risk</u>.
Home mortgage interest and home equity interest are deductible (agenda A). All other interest items are non-public debt hobby and are not deductible everywhere on form 1040 or any attachment to form 1040.
This means this tax year, single filers and married couples submitting at the same time can deduct the interest on up to $750,000 for a loan if single, a join,t filer or head of household, at the same time as multiple taxpayers filing one at a time can deduct as much as $375,000 each.
Maximum owners can deduct all in their mortgage interest. The Tax Cuts and Jobs Act (TCJA), that's in effect from 2018 to 2025, allows owners to deduct interest on home loans up to $750,000.
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