Tax law changes and Mortgage Interest Deduction
I have been hearing all the proposed changes to the Tax bill going on in Washington. There is a lot of talk about the MID being eliminated or changed. As far as I understand it now, the MID will be limited to $500,000. Which is fine for me I think. Here is the questions. None of my loans are more than $500,000, but collectively they are more than $500,000. Will I only be allowed to deduct the first $500,000, or it is per property? Also is interest on debt service or companies like my LLC's different than the MID. In other words, can a company still write off interest on mortgages?