U.S. House Resolution 1 Home Equity Portions Summary
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.
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