3 Ways the GOP Tax Plan Would Affect Homeowners
The GOP tax plan would bring big sweeping changes to tax rates, tax brackets, and tax deductions. Some of the biggest changes would affect America's 80 million homeowners, thanks to lower limits on how much mortgage interest and property taxes can be deducted and whether interest on certain types of housing-related loans can be deducted at all.
Here are the three biggest changes homeowners should know about in the GOP's tax plan.
As it stands today, mortgage interest gets preferential treatment from the IRS. Currently, Americans can deduct mortgage interest on up to $1 million of indebtedness incurred to purchase their home. The average filer who uses this deduction saves approximately $1,900 on their taxes, according to data from the Joint Committee on Taxation.
Source: Fool.com
