The End of Mortgage Interest Deduction??

Well their is a new proposal rumored about, and that's is the new tax reform being debated in Washington. One of the highly debated items is the end of lofty Mortgage interest deductions and replace it with a credit worth 15% of the interest paid during the year. However, the credit portion eligibility will be limited by a formula reflecting the average regional price of housing (Cap would be around $400k in So-Cal). Mortgages for second homes and interest paid on home equity loans would not be eligible for the credit.

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