[20171229]IN10845_P、 L.115-97 按揭利息扣除.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i P.L. 115-97: The Mortgage Interest Deduction nae redacted Specialist in Economics December 29, 2017 P.L. 115-97, the 2017 tax revision, was enacted on December 22, 2017. The law makes significant changes to the federal tax system, including to the mortgage interest deduction. This Insight briefly explains the 2017 law governing the mortgage interest deduction and the modifications made to the deduction by P.L. 115-97. 2017 Law For the 2017 tax year, a homeowner may deduct the interest paid on a mortgage that finances the acquisition of a primary or secondary residence as long as the homeowner itemizes their tax deductions. The amount of interest that may be deducted is limited to the interest incurred on the first $1 million of combined mortgage debt and the first $100,000 of home equity debt ($1.1 million total). If a taxpayer has mortgage debt exceeding $1 million, they may still claim a deduction for a percentage of interest paid. The percentage of interest that is deductible is equal to $1 million divided by the mortgage balance (a similar calculation is made separately in cases where home equity deb