Cool How Are The New Tax Laws Affecting Home Homeowners References. Any loans taken out after dec. The new tax law reduces the maximum amount of mortgage debt you can deduct interest on your taxes to $750,000 from $1 million.

That has been reduced 25% to $750,000. Comment and join the discussion. Just before congress adjourned for the december holidays, the tax cuts and jobs act was signed into law, receiving president donald trump's approval on dec.