For loans taken out , the limit dropped to $750,000 ($375,000 if married filing separately) under the Tax Cuts and Jobs Act.
For homeowners who purchased or owned a residence in 2017, several federal tax breaks were available to reduce taxable income or provide direct credits. tax break for buying a house 2017
: 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