Homeowners: Here’s what’s in the tax bill for you

Source:  CNN Money /   @KathrynVasel / December 17, 2017: 12:17 PM ET


Republicans on Friday unveiled the final version of their tax bill, and it has new restrictions for some homeowners.

Senate and House Republicans have reconciled their versions of tax legislation and the final plan shrinks some popular deductions. Lawmakers aim to vote on the bill next week and then send it to President Trump’s desk.

Downsized mortgage interest deduction

New homebuyers would now only be able to deduct interest on the first $750,000 of mortgage debt on a newly-purchased home.

That’s down from the current $1 million thresholds, but higher than the $500,000 limit the House proposed in its tax overhaul in November.

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