Tax plan caps property deduction at $10,000, puts new limit on mortgage deduction

• November 2, 2017
• realestate
• Announcements, Business & Markets, Real Estate Finance, The Real Estate Life

A sweeping overhaul of the tax code would cap the deduction for property taxes at $10,000 and preserve the mortgage interest deduction only for existing mortgages and new purchases with loans of $500,000 or less, documents distributed to House members Thursday show.