State Law Changes for Lenders; What You Should Know About the Economy and Rates

Posted To: Pipeline Press

This year the usual Tax Day (April 15) falls on a Sunday, and the next day is Emancipation Day, a legal holiday in D.C. That means you have until midnight on April 17 to file. There's your tax tip for the day. (Lenders & accountants know that going forward, borrowers will only be able to deduct interest on up to $750,000 in mortgage debt, down from $1 million under prior law. The old $1 million limit is grandfathered in for existing mortgages, but new home loans are subject to the lower limit. Larger mortgages still receive a mortgage deduction, but it'll be on only the portion of interest attributable to the first $750,000 in borrowings.) State Changes Thank you to Jason M. who noticed this news from New York. "Rafael Espinal, a city council member from Brooklyn, introduced...(read more)

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