Can We Claim 80Ee Every Year?
If your new home will increase the size of your mortgage interest deduction or make you an itemizer for the first time, you don’t have to wait until you file your tax return to see the savings. You can start collecting the savings right away by adjusting your federal income tax withholding at work, which will boost your take-home pay.
What’s the mortgage interest deduction for 2018 tax year?
2018 tax changes: New homeowners (and sellers) can deduct the interest on up to only $750,000 of mortgage debt, though homeowners who got their mortgage before Dec. 15, 2017, can continue deducting up to the original $1 million amount, according to Zimmelman.
