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Mortgage Interest Deduction 2018-2025 (TCJA) #5241

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Mortgage Interest Deduction 2018-2025 (TCJA) #5241

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Mortgage Interest Deduction 2018-2025 (TCJA)
Oct 16, 2024
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Merge branch 'master' of https://github.com/PolicyEngine/policyengine…
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27 changes: 21 additions & 6 deletions policyengine_us/parameters/gov/irs/deductions/itemized/interest/mortgage/cap.yaml
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need a changelog entry

Original file line number Diff line number Diff line change
@@ -1,14 +1,27 @@
description: IRS limits the total home mortgage interest deduction to this amount, based on filing status.
# Debt incurred before December 16, 2017
SINGLE:
2018-01-01: 1_000_000
2017-12-16: 1_000_000
JOINT:
2018-01-01: 1_000_000
2017-12-16: 1_000_000
SEPARATE:
2018-01-01: 500_000
2017-12-16: 500_000
HEAD_OF_HOUSEHOLD:
2018-01-01: 1_000_000
2017-12-16: 1_000_000
SURVIVING_SPOUSE:
2018-01-01: 1_000_000
2017-12-16: 1_000_000

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# Debt incurred after December 16, 2017
SINGLE:
2018-01-01: 750_000
JOINT:
2018-01-01: 750_000
SEPARATE:
2018-01-01: 375_000
HEAD_OF_HOUSEHOLD:
2018-01-01: 750_000
SURVIVING_SPOUSE:
2018-01-01: 750_000
metadata:
breakdown: filing_status
unit: currency-USD
Expand All @@ -17,5 +30,7 @@ metadata:
# Hawaii applies this AGI threshold in the state itemized deductions computation
- title: Hawaii Income Tax Law, Chapter 235, Section 235-2.4, (j)(3)
href: https://files.hawaii.gov/tax/legal/hrs/hrs_235.pdf#page=10
- title: 26 U.S. Code § 163 - Interest, (h)(3)(F)
- title: 26 U.S. Code § 163 - Interest, (h)(3)(F)
href: https://www.law.cornell.edu/uscode/text/26/163
- title: Tax Cuts and Jobs Act, 131 STAT. 2086, SEC. 11043, (a)(F)(ii)
href: https://www.congress.gov/115/statute/STATUTE-131/STATUTE-131-Pg2054.pdf#page=2054
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