H
omeownership traditionally comes with some great tax
breaks, but with the ever changing tax rules things may be
different this year from what you have been used to in the
past. Here are four things that could put a wrinkle in your
tax return this filing season if you're a homeowner.
Touching
on
Taxes
rule change likely doesn't affect you.
However, there's an exception for people
who were under contract to buy a home
before Dec. 15, 2017, as long as they were
scheduled to close by Jan. 1, 2018.
Also, the law treats refinanced mortgages
as if they originated on the old loan's date,
which means the old limit of $1 million
still applies. (If you refinance to borrow
more than your current mortgage balance,
different rules may apply, though.)
1
The mortgage interest
deduction is different.
Mortgage interest is tax-deductible, but
this year the deduction has been adjusted.
The deduction is limited to interest on up
to $750,000 of debt ($375,000 if you're
married filing separately) instead of $1
million of debt ($500,000 if married filing
separately).
The key date here is Dec. 15, 2017. If you
took out your mortgage before then, the
