You mean like Utah where over 75% of the land is Federally owned and you can’t do anything on it? Can’t tax it, can’t build on it, can recreate on it . . .
Imagine if whatever state you live in was 75% owned by the federal government.
Seperate cape that effect only NEW mortgages issued after December 2017.
So if you had a mortgage before that date, old rules apply. Mortgage after that date, they cap the interest to equivalent of a 750,000 dollar loan. Example, you have a 1million dollar loan, you’d only be able to deduce what 75% of the interest on the loan ( number could be wrong here, but just as an example).
If you buy a home between now and 2026, you can deduct the interest on up to $750,000 in mortgage debt used to purchase or improve it as an itemized deduction. This cap affects home purchases made after December 14, 2017. Anyone who took out a mortgage on December 14 or earlier will be able to deduct interest on up to $1 million in debt, the old cap, for that home, even if they refinance to get a lower rate.
Only will effect people who buy homes in that 750,001 to 1 million price area. Prior to passage, the cap was 1 million. They just lowered the cap by half a million dollars.
So unless your home loan was 1 million + . . . you will see no change.
I haven’t itemized in a few years since our mortgage interest dropped so low that I couldn’t scrape up enough deductions to bother with itemizing. I’m getting rusty.