2017 | Tax Break For Buying A House

: If you paid "points" (prepaid interest) to lower your interest rate during the purchase, these are typically deductible in the year they were paid.

For loans taken out , the limit dropped to $750,000 ($375,000 if married filing separately) under the Tax Cuts and Jobs Act. tax break for buying a house 2017

For mortgages established , you can deduct interest on up to $1 million of mortgage debt ($500,000 if married filing separately). : If you paid "points" (prepaid interest) to

To claim these, you generally must itemize deductions on Schedule A (Form 1040) rather than taking the standard deduction. : the limit dropped to $750