Intelligence

How the New Tax Plan Will Affect Your Mortgage Deduction

The new tax plan includes a variety of changes that make homeownership a more costly proposition for some taxpayers. In a variety of states, for instance, mortgage interest is a big tax write-off each year. On top of making modifications to the mortgage interest deduction, the bill limits the deductibility of property taxes and state and local income taxes to a combined $10,000. In states such as New York and California where home prices and property taxes are high, this change means some homeowners face bigger tax bills beginning next year. Seeking experts to weigh in how significant the changes will be for home owners and offer specific, easily understood tips for consumers to counteract the losses. Requirements: Please provide a sentence or two detailing your relevant expertise/professional background.