How the tax bill impacts homeowners, buyers and sellers

Source: Kathy Orton, Washington Post (Paid Registration)

Mortgage interest deductions: The new law caps the limit on deductible mortgage debt at $750,000 for loans taken out after Dec. 14. (Loans made before that date can continue to deduct interest on mortgage debt up to $1 million.)

Deduction for casualty losses: The law restricts the deduction to only losses attributable to a presidentially declared disaster.

Moving expenses: The law eliminates the deduction except for members of the military.

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