For those who continue to itemize their deductions, the Tax Cuts and Jobs Act (or TCJA) has installed several limits on deductions for home owners.
First, taxpayers can only deduct mortgage interest resulting from up to $750,000 of debt ($375,000 for those filing single or married filing separately). IRS Publication 936 summarizes the limitations (https://www.irs.gov/publications/p936#en_US_2018_publink1000229991), but the short story is that loans after 2017 will be capped on deductible interest for those over the limit.
Second, while the mortgage insurance premium (also know as PMI) is deductible in 2018, it is unclear if Congress will continue to allow it as a deduction in the future. This deduction has to be renewed by Congress annually and so far there is no indication as to whether it will be renewed or not.
Third, State and Local Tax (or SALT) deductions have been capped at $10,000. If you paid over $10,000 in taxes to your state or local government, you will not receive any credit past the first $10,000 on your Schedule A. This one can be a huge bite to those living in areas with high real estate tax rates.
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