Changes that the Tax Cuts and Jobs Act (TCJA) made in the rules for deducting home mortgage interest.
Submitted by Sedita Kilton on March 21st, 2018Provided by: Nate Kilton, CPA/PFS, CFP®, MBA, REALTOR®
Deductibility of interest on “acquisition debt.” Taxpayers may deduct interest on mortgage debt that is “acquisition debt.” Acquisition debt means debt that is: (1) secured by the taxpayer's principal home and/or a second home, and (2) incurred in acquiring, constr