U.S. House Resolution 1 Home Equity Portions Summary
Updated 02/08/2018
This document summarizes the portions of House Resolution 1 (HR 1), signed into law in December of 2017, pertaining to personal tax deductions for mortgage interest and state and local real property taxes. The key elements of the final Resolution are: 1) The deduction for interest paid on home equity loans is suspended for tax years 2018-2025; 2) The phase out for the deduction of interest on acquisition mortgage loans is lowered to $750,000 for tax years 2018-2025; 3) A new cap is implemented to the deduction for state and local taxes, including real property taxes and state and local income tax, of $10,000 for tax years 2018-2025.
Members Can Download This Tool
Login to Download
Not Yet a Member?
Our members enjoy:
On-demand regulatory guidance hotline – by chat, phone and email – available from anywhere, on any device – 7 am - 6 pm, M-F, Central time
Research time saved daily & weekly across forms, checklists, and trainings — for every regulation
Hours of form-building and branding of bank documents saved; in some cases, even the budget of additional staff
A sounding board for support and reassessment when institutional goals or the regulatory environment changes
Access to attorneys and compliance specialists for risk modelling and decision-making in advance of large business decisions
The knowledge that C/A was created and owned by 30 State Bankers Association to provide bank compliance services to their membership organizations
Find out how a personalized team of attorneys and compliance professionals helps build targeted compliance strategies throughout your institution when you take our Live Membership Demo.