{"id":1397,"date":"2018-06-04T14:16:59","date_gmt":"2018-06-04T14:16:59","guid":{"rendered":"https:\/\/wcginc.com\/?p=1397"},"modified":"2026-01-26T16:37:23","modified_gmt":"2026-01-26T16:37:23","slug":"mortgage-interest-tcja","status":"publish","type":"post","link":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/","title":{"rendered":"Mortgage Interest Deduction Under TCJA"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column]\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b5be465005f\" class=\" wd-rs-68b5be465005f wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<div class=\"overview\">\n<h2><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span>Key Takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b>Mortgage interest deduction limit:<\/b> Acquisition debt for homes purchased after Dec. 15, 2017, is limited to $750,000 (previously $1,000,000 for older loans).<\/li>\n<li><b>Second homes:<\/b> Interest on second home mortgages is combined with primary residence debt when applying the deduction rules.<\/li>\n<li><b>Home equity loans (HELOCs):<\/b> Deductible only if used to buy, build, or substantially improve the home securing the loan; personal expenses are not deductible.<\/li>\n<li><b>Deduction examples:<\/b> Using a HELOC to renovate a home is deductible; using it to buy a vacation home or pay personal bills is not.<\/li>\n<li><b>Partial deduction scenario:<\/b> If combined mortgage debt exceeds $750,000, only a percentage of interest is deductible.<\/li>\n<li><b>State and local tax (SALT) limit:<\/b> Deduction for property, income, and sales taxes is capped at $10,000.<\/li>\n<li><b>SALT anti-abuse rule:<\/b> Prepaying 2018 income taxes in 2017 does not bypass the $10,000 limit.<\/li>\n<li><b>Business vs. personal taxes:<\/b> SALT limits apply only to personal Schedule A deductions; business, rental, or farm taxes are not limited.<\/li>\n<\/ul>\n<\/div>\n<p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-67334724b45d1\" class=\" wd-rs-67334724b45d1 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Mortgage_Interest_Deduction_Debt_Limit_is_750000\"><\/span>Mortgage Interest Deduction Debt Limit is $750,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Two big things changed with the Tax Cuts and Jobs Act of 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited. Here are the highlights-<\/p>\n<p>Debt limit is now $750,000 for acquisition debt incurred after December 15 2017. Yes, this means that loans that were in place on or before this date have the old limit of $1,000,000. We\u2019ll talk about borrowing against your equity to buy a second home and other debt consolidations (such as home equity loans) in a bit. We\u2019ll also define acquisition indebtedness with some examples in a few moments which includes purchase, construction and improvement.<\/p>\n<p>Second homes carry on as they were, and mortgage interest debt for second homes is piled onto the primary residence when applying the mortgage interest deduction rules.<\/p>\n<p><a href=\"https:\/\/www.law.cornell.edu\/uscode\/text\/26\/163\" target=\"_blank\" rel=\"noopener\">Section 163(h)(3)<\/a>\u00a0has this verbiage \u201cThe term \u2018acquisition indebtedness\u2019 means any indebtedness which- (I) is incurred in acquiring, constructing, or substantially improving any qualified residence of the taxpayer, and (II) is secured by such residence.\u201d There ya go. Don\u2019t worry about the loan label- HELOC, home equity, second mortgage, 80-10-10, blah blah blah.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-67334733c7342\" class=\" wd-rs-67334733c7342 wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Home_Equity_Loans\"><\/span>Home Equity Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Interest on home equity loans, other than those used to purchase, construct or improve the home securing the loan are no longer deductible. Huh? Let\u2019s say you have a home equity loan that is used to buy a car \u2013 the mortgage interest is not deductible. However, let\u2019s say you have a HELOC (fancy word for home equity line of credit) that is used to add a wing for your mother in law (yikes), then this debt is being used to improve the property that is securing the loan- this interest is deductible with the limits applied above. So, the property is improved (new wing) and the mortgage interest is deductible but the home is in shambles (your mother in law). Net zero.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6733473fad4fd\" class=\" wd-rs-6733473fad4fd wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"IRS_News_Release_IR-2018-32\"><\/span>IRS News Release IR-2018-32<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Here is a copy and paste version of the IRS\u2019s news release\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/interest-on-home-equity-loans-often-still-deductible-under-new-law\" target=\"_blank\" rel=\"noopener\">IR-2018-32<\/a>\u00a0on February 21 2018 giving more examples of the mortgage interest deduction (we added emphasis)-<\/p>\n<p><strong>Example 1:<\/strong>\u00a0In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home with a fair market value of $800,000. In February 2018, the taxpayer takes out a $250,000 home equity loan to put an addition on the main home. Both loans are secured by the main home and the total does not exceed the cost of the home. Because the total amount of both loans does not exceed $750,000, all of the interest paid on the loans is deductible.\u00a0<em>Your mortgage interest deduction is not limited.<\/em><\/p>\n<p>However, if the taxpayer used the home equity loan proceeds for personal expenses, such as paying off student loans and credit cards, then the interest on the home equity loan would not be deductible.<\/p>\n<p><strong>Example 2:<\/strong>\u00a0In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home. The loan is secured by the main home. In February 2018, the taxpayer takes out a $250,000 loan to purchase a vacation home. The loan is secured by the vacation home. Because the total amount of both mortgages does not exceed $750,000, all of the interest paid on both mortgages is deductible.\u00a0<em>Your mortgage interest deduction is not limited.<\/em><\/p>\n<p>However, if the taxpayer took out a $250,000 home equity loan on the main home to purchase the vacation home, then the interest on the home equity loan would not be deductible. Read this again! This is a common scenario; you borrow against your primary residence to buy a vacation home\u2026 no good. As far as we know today, however, this same home equity loan interest is deductible if you use it for a rental property since that interest is not limited by TCJA.<\/p>\n<p><strong>Example 3:<\/strong>\u00a0In January 2018, a taxpayer takes out a $500,000 mortgage to purchase a main home. The loan is secured by the main home. In February 2018, the taxpayer takes out a $500,000 loan to purchase a vacation home. The loan is secured by the vacation home. Because the total amount of both mortgages exceeds $750,000, not all of the interest paid on the mortgages is deductible. A percentage of the total interest paid is deductible (see Publication 936).\u00a0<em>In other words, your mortgage interest deduction is limited.<\/em><\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-6890df71c4a6c\" class=\" wd-rs-6890df71c4a6c wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"State_and_Local_Taxes\"><\/span>State and Local Taxes<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><p>Property taxes are now limited to $10,000. Said in another way, the combined state and local taxes (SALT for short) is limited to $10,000. This includes all taxes, such as income and property. So, if you have $4,000 in property taxes and $7,000 in state income taxes, the combined amount is limited to $10,000. As a result, in many cases, especially for those living in high income tax and high property tax states such as California, New York City and Wisconsin (our favorite), you are really hosed. But don\u2019t forget that tax brackets were lowered and standard deductions were increased. Tax reform hurts some and helps others in a net-zero sort of way.<\/p>\n<p>This state and local tax limit also includes sales tax. So, if you were one of those who deducted sales tax in lieu of state income taxes, this is tossed into the mix as well.<\/p>\n<p>An anti-abuse rule is also in place for those who wanted to beat the system and prepay income taxes on the last day of December 2017. The Conference Committee explanation of the Act reads in part, \u201can individual may not claim an itemized deduction in 2017 on a prepayment of income tax for a future taxable year in order to avoid the dollar limitations applicable for taxable years beginning after 2017.\u201d<\/p>\n<p>Note that this reads income taxes. Property taxes are specifically not mentioned by the Conference Committee. However, the IRS blew up and released\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/n-18-54.pdf\" target=\"_blank\" rel=\"noopener\">Notice 2018-54<\/a>\u00a0on May 23 2018 which reads in part, \u201cdespite these state efforts to circumvent the new statutory limitation on state and local tax deductions, taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes.\u201c Oooh, snap!<\/p>\n<p>Before you freak out, the SALT limit does not include business taxes. So\u2026 your rentals, for example, do not have this limitation. Your business does not as well including farms. In other words, the state and local taxes (including property taxes and sales taxes) are limited when being deducted on Schedule A. If these same taxes are deducted on Schedule C, E or F, or on a business tax return, then there is no theoretical limit.<\/p>\n<p>A word of caution, however, there are some odd-duck caveats for real property taxes when combined with the election by businesses to not be limited by an interest deduction. More on that weirdness in another blog post.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<div class=\"info-box-wrapper\">\n\t\t\t\t<div id=\"wd-68b5be7ac21fc\" class=\" wd-rs-68b5be7ac21fc wd-info-box wd-wpb text-left box-icon-align-top box-style- color-scheme- wd-bg-none border-btm-title faqs-wrap \">\n\t\t\t\t\t\t\t\t\t\t<div class=\"info-box-content\">\n\t\t\t\t\t\t<h2 class=\"info-box-title title wd-font-weight-800 box-title-style-default font-primary wd-fontsize-m\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t\t\t<div class=\"info-box-inner reset-last-child\"><\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_new_mortgage_interest_deduction_limit\"><\/span>What is the new mortgage interest deduction limit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>$750,000 for acquisition debt on homes purchased after December 15, 2017.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_second_home_mortgages_included\"><\/span>Are second home mortgages included?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, they are combined with the primary residence when calculating the deduction.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_interest_on_all_home_equity_loans_deductible\"><\/span>Is interest on all home equity loans deductible?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, only if the loan is used to buy, build, or improve the home securing the loan.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_happens_if_total_mortgage_debt_exceeds_750000\"><\/span>What happens if total mortgage debt exceeds $750,000?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Only a portion of the interest is deductible based on the limit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_SALT_deduction_limit\"><\/span>What is the SALT deduction limit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>$10,000 for combined state and local property, income, and sales taxes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_the_SALT_limit_include_business_or_rental_taxes\"><\/span>Does the SALT limit include business or rental taxes?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, only personal itemized deductions on Schedule A are affected.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_prepaying_taxes_avoid_the_SALT_limit\"><\/span>Can prepaying taxes avoid the SALT limit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>No, prepayments for future years do not bypass the $10,000 cap.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_property_taxes_for_home_improvements_deductible\"><\/span>Are property taxes for home improvements deductible?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, if they are part of acquisition or improvement debt within the $750,000 limit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_the_SALT_limit_affect_high-tax_states_more\"><\/span>Does the SALT limit affect high-tax states more?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Yes, states like California, New York, and Wisconsin feel the impact most.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_standard_deductions_interact_with_these_limits\"><\/span>Do standard deductions interact with these limits?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Higher standard deductions under TCJA may offset some limitations for taxpayers.<\/p>\n<\/div>\n\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t<style><\/style>\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":6,"featured_media":41821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Interest Deduction Under TCJA - WCG CPAs<\/title>\n<meta name=\"description\" content=\"Two big things changed with the TCJA 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Interest Deduction Under TCJA\" \/>\n<meta property=\"og:description\" content=\"Two big things changed with the TCJA 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/\" \/>\n<meta property=\"og:site_name\" content=\"WCG CPAs &amp; Advisors\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-04T14:16:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-26T16:37:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wcginc.com\/wp-content\/uploads\/000006_166408550_rental_property_bookkeeping_300-3.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Jason Watson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jason Watson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mortgage Interest Deduction Under TCJA - WCG CPAs","description":"Two big things changed with the TCJA 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/","og_locale":"en_US","og_type":"article","og_title":"Mortgage Interest Deduction Under TCJA","og_description":"Two big things changed with the TCJA 2017 for homeowners. The amount of your property tax deduction and mortgage interest deduction is now limited.","og_url":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/","og_site_name":"WCG CPAs &amp; Advisors","article_published_time":"2018-06-04T14:16:59+00:00","article_modified_time":"2026-01-26T16:37:23+00:00","og_image":[{"width":300,"height":200,"url":"https:\/\/wcginc.com\/wp-content\/uploads\/000006_166408550_rental_property_bookkeeping_300-3.webp","type":"image\/webp"}],"author":"Jason Watson","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jason Watson","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/#article","isPartOf":{"@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/"},"author":{"name":"Jason Watson","@id":"https:\/\/wcginc.com\/#\/schema\/person\/0225b77adcec813c7746e7806e0482f9"},"headline":"Mortgage Interest Deduction Under TCJA","datePublished":"2018-06-04T14:16:59+00:00","dateModified":"2026-01-26T16:37:23+00:00","mainEntityOfPage":{"@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/"},"wordCount":2619,"publisher":{"@id":"https:\/\/wcginc.com\/#organization"},"image":{"@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/#primaryimage"},"thumbnailUrl":"https:\/\/wcginc.com\/wp-content\/uploads\/000006_166408550_rental_property_bookkeeping_300-3.webp","articleSection":["Blog"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/","url":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/","name":"Mortgage Interest Deduction Under TCJA - WCG CPAs","isPartOf":{"@id":"https:\/\/wcginc.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/#primaryimage"},"image":{"@id":"https:\/\/wcginc.com\/blog\/mortgage-interest-tcja\/#primaryimage"},"thumbnailUrl":"https:\/\/wcginc.com\/wp-content\/uploads\/000006_166408550_rental_property_bookkeeping_300-3.webp","datePublished":"2018-06-04T14:16:59+00:00","dateModified":"2026-01-26T16:37:23+00:00","description":"Two big things changed with the TCJA 2017 for homeowners. 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