Pre-Tax Law:

Mortgage interest was an itemized deduction for mortgages secured by a principal or secondary residence on mortgage amounts up to $1,000,000, plus home equity loans of up to $100,000.

New Law:

Mortgage interest can be itemized and deducted for mortgages up to $750,000, and the home equity loan interest deduction is suspended. This law expires on Jan 1, 2026. Also, with the higher standard deduction (see previous article on standard deductions), less tax payers will be itemizing and thus benefiting from this deduction.