however, no such windfalls were in place when my kids were little...
we depended on the property tax and mortgage interest credits as are children left the house....these deductions have been in place for DECADES...
but now, all of a sudden, just as we are in going into retirement, they pull the rug out from under us...
totally screwed....
They retain $10,000 of the deduction. S
Wrong. You can still deduct up to $10K in property taxes paid annually.
Most people wont be affected. Those who have bought homes in CA, NY and NJ at ariticially inflated prices the last 5 years might take a hit