State Law Changes for Lenders; What You Should Know About the Economy and Rates

Facebooktwitterlinkedin

Posted To: Pipeline Press

This year the usual Tax Day (April 15) falls on a Sunday, and the next day is Emancipation Day, a legal holiday in D.C. That means you have until midnight on April 17 to file. There’s your tax tip for the day. (Lenders & accountants know that going forward, borrowers will only be able to deduct interest on up to $750,000 in mortgage debt, down from $1 million under prior law. The old $1 million limit is grandfathered in for existing mortgages, but new home loans are subject to the lower limit. Larger mortgages still receive a mortgage deduction, but it’ll be on only the portion of interest attributable to the first $750,000 in borrowings.) State Changes Thank you to Jason M. who noticed this news from New York. “Rafael Espinal, a city council member from Brooklyn, introduced…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Facebooktwitterredditpinterestlinkedinmail
Show Buttons
Hide Buttons