What are your thoughts on how this new tax plan will impact us with regards to the Mortgage Interest Deduction?

I've heard all kinds of things in the proposed legislation and want to learn about how it impacts us down the road? Here are a couple things I've heard but would like your input if this is correct and how it would be interpreted for us landlords and those planning to stay in the game long range (buy and hold...not flippers or short term rentals):

-The ability to deduct mortgage interest is going from anything udner 1 million down to mortgages under $500,000 (does this apply to commercial mortgages as well?)

-Will drive house prices lower, in the 10-15% range. If I decide to sell one of our single family 200k homes, does this apply...or are falling prices only going to hit homes with mortgages above 500k?

-This doesn't apply to those who already have current mortgages, only going forward?

-Mortgages interest deduction on second homes goes away. We have more than one mortgage. Hmm, this part could definitely be bad depending on how it goes!

-Landlords are not impacted and can still deduct full mortgage interest deduction. I've seen this kind of statement made, but not much talk about details. What are the specifics here!? I've read that those who own second homes (vacation property) can revert back to taking advantage of the mortgage interest deduction IF they rent it out...thereby making them landlords. Would these be the "landlords not impacted" they are referring to, or is there actually some loopholes for those of us regular landlords in non vacation cities, who have a few properties and actually rent them out 52 weeks a year? Again, I'd love to know any specifics because I haven't heard much detailed discussion.

Till the final version goes through, it just speculation. Too many potential changes.

The mortgage interest deductions relate to deducting interest on mortgages for your own home, and perhaps (as under the present tax code), a second home.

It does NOT apply to deduction of mortgage interest as an Schedule E expense for calculation of profit or loss of a business property.

Thanks, Moshe, for pointing out the change clearly and for your other post about administrations.

@John, would it be applicable for loans above $500k and not under as noted?

I think that many at least in the San Francisco Bay Area are probably a bit worried about the changes since a 20% down payment on 98% of homes for sale requires a loan well over $500k. There seems to be many buyers paying well over $100k for asking on fixer properties in even once class D and present class C or B neighborhoods so if they're not coming in mostly with cash, they will be affected.

you have no knowledge of what the 1M is about. It's cmulitive life time.