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It's 2018. Will I Lose My Tax Deduction if I Refi?
It's 2018.  Will I Lose My Tax Deduction if I Refi?
 
If you're asking this question, I'm going to go out on a limb and say you're experiencing some anxiety right about now.  But no matter how bad it gets, realize things could always be worse.  You could be the Internal Revenue Service and tasked on a couple weeks' notice with retooling your shop to both comprehend and implement the Tax Cuts and Jobs Act.  So whether you're a homeowner, a CPA, a Californian, an IRS employee or a blue state Democrat, let's wash down a couple of Xanax with a strong martini and focus only on what happens if you attempt to refinance a mortgage that was originated before December 15, 2017.  Will you lose your mortgage interest deduction?  Will you be subject to new itemization limits?  Will you make America great again? 
 
For now, we're going to focus only on one-unit properties, AKA single-family residences (SFRs).  If you are attempting to refinance any conforming or FHA loan, the new tax code does not come into play.  Why?  Because your loan amount cannot, by definition, exceed the 1-unit maximum of $679,650.  And since the allowable limits on mortgage interest deductibility are now at $750K, down from ... more

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