trump tax impact on investors? why arent we talking more about it

[Alex J.]

I am reading that the mortgage deduction is going to be for loans up to 750k on new deals for primary residency....., how about for rental properties?  is that any different?  is this capped to 750k total or is it per property on rental?  also what about the property tax for rental is that per property or accumulative? its been very difficult to find the details on this... i am trying to understand if i should keep my structure as a schedule  E or if i should now consider incorporating as S Corp or something similar...thanks in advance to everybody

Can the tax experts here chime in on this?  yes yes we get this is not legal advice and we need to talk to cpas and tax consultants : )

heellppp

[Brian Schmelzlen]

Hi Alex,

The changes to the mortgage deduction and property taxes only affect Schedule A (personal residences).  It will not impact rentals, fortunately.