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Video instructions and help with filling out and completing form 1098 mortgage interest 2019 - 2020 due date
Hi my name is erina DeMarco of Ernest P DeMarco and associates located in North or New Jersey and I'm here to tell you a little bit about mortgage interest the new tax law and how it will affect you okay so the new limit is now seven hundred and fifty thousand dollars rather than a million plus a hundred thousand dollars worth of equity loan so with the new law you can have seven hundred fifty thousand dollars in total anything over that would not be deductible so for a perfect example if you were to buy a home for eight hundred thousand dollars and you had a five hundred thousand dollar loan on it that would be 100% deductible if you were then to take an equity loan on the house for $250,000 that brings the total loans up to seven hundred and fifty you would be able to deduct the entire amount of both loans as long as you use that $250,000 to improve that property if you were to buy a second home and get a $250,000 loan on that second home property you would be able to deduct it but if you use the equity out of your first property for two hundred and fifty to buy a second home it would not be deductible so that loan has to be secured by the property and that's it