Apply the TCJA mortgage interest deduction limits #5129
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MaxGhenis
requested changes
Sep 25, 2024
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The US caps the mortgage value to which interest is applied, not the interest itself. It's also based on the year of purchase not tax year.
We can't model this today so could we change the logic to deduct the full value of a new variable for deductible mortgage interest? Keep the policy parameter but don't apply it. Check us-data too.
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still need to update the description and the variable names - |
adjusted |
MaxGhenis
requested changes
Sep 30, 2024
| @@ -1,21 +1,33 @@ | |||
| description: IRS limits the total home mortgage interest deduction to this amount, based on filing status. | |||
| description: IRS limits the total home mortgage value to this amount, based on filing status under the mortgage interest deduction. | |||
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| description: IRS limits the total home mortgage value to this amount, based on filing status under the mortgage interest deduction. | |
| description: The IRS allows an itemized deduction for interest paid on mortgages up to this amount, based on filing status. |
…hub.com/PolicyEngine/policyengine-us into PavelMakarchuk/issue5128
MaxGhenis
reviewed
Dec 4, 2024
policyengine_us/variables/household/expense/person/deductable_mortgage_interest.py
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MaxGhenis
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Dec 4, 2024
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Fixes #5128