re: Breaking: GOP Drops "Tax Increase" Deal from Tax Bill and Have Votes (Collins a Firm Yes)

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mortgage interest deduction

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No one replied to you, because your taxes are probably going up, and they were all too chickenshit to tell you.

The interest deduction will thankfully remain in place for mortgages up to $1,000,000, but the deduction for equity debt (meaning re-financing not related to improving your home) would be eliminated. Also, the deduction can only be applied from your primary residence. If you have rental homes with a mortgage on them, no deduction. If you have a mortgage on a building used by your small business, and the mortgage is in your name as an individual, no deduction.

If it had been the house bill instead of the Senate bill, then the maximum value on a mortgage eligible for the interest deduction would have been capped at $500,000.

And because it looks like the Senate bill is the one that is passing, it means the federal deduction for state/county/city property taxes, is being eliminated.