Tax implications for RE investors

[Richard V.]

Hello fellow BP members!

I reside in California and am looking at investing in out of state rental property.  With the new tax law in place my understanding is that interest rate deductions are capped at $10,000 per year.  Is this an issue with owning rental real estate and looking to deduct the interest on those rental properties?  

Are there other tax benefits associated with owning rental property that would apply under the current tax environment?

Thank you in advance!

Richard