One of the questions we’ve been getting a lot from clients is “Is mortgage interest still tax deductible?” And the answer to that is absolutely yes. What has changed with the tax reform act that went through is the amount of standard deductions that someone will qualify for has increased, and so in some instances it is going to be more beneficial for someone to elect to go with the standard deductions, versus deducting the interest in your mortgage.
But mortgage interest is still deductible up to $750,000 of mortgage interest, and that is interest on up to $750,000 worth of the loan. You might not also know that your real estate taxes are still tax deductible up to $10,000, which is going to be for the huge majority of us out there.
Now, I’m not a CPA, so I do recommend you check with your accountant or CPA, and get specific advice as to your situation. But the good news is those advantages are still intact, and if you have any additional questions or would like us to help prepare some numbers, to analyze those potential benefits for you, we’d be more than happy to do that. We’re here, we look forward to hearing from you, and thanks for your time.