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Mortgage Interest Deduction 2018-2025 (TCJA) #5170

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DTrim99 opened this issue Oct 4, 2024 · 0 comments · May be fixed by #5241
Open

Mortgage Interest Deduction 2018-2025 (TCJA) #5170

DTrim99 opened this issue Oct 4, 2024 · 0 comments · May be fixed by #5241
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@srilareddy

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DTrim99 commented Oct 4, 2024

MID

Reference

policyengine-us/policyengine_us/parameters/gov/irs/deductions/itemized/interest/mortgage/cap.yaml

Lines 1 to 21 in deb7c0c

description: IRS limits the total home mortgage interest deduction to this amount, based on filing status.
SINGLE:
2018-01-01: 1_000_000
JOINT:
2018-01-01: 1_000_000
SEPARATE:
2018-01-01: 500_000
HEAD_OF_HOUSEHOLD:
2018-01-01: 1_000_000
SURVIVING_SPOUSE:
2018-01-01: 1_000_000
metadata:
breakdown: filing_status
unit: currency-USD
label: IRS home mortgage interest deduction amount cap
reference:
# 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)
href: https://www.law.cornell.edu/uscode/text/26/163

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Mortgage Interest Deduction 2018-2025 (TCJA) srilareddy/policyengine-us
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@srilareddy @DTrim99