Hi, I’m Maria, and I work for the IRS. Do you have a mortgage or home equity loan? If so, you need to know that tax reform changes affect the tax deduction for mortgage interest. The first change is you can deduct interest only for loans that were used to buy, build or substantially improve your main home or a second home. That means interest paid on some home equity loans is not deductible. For example, if you used the loan proceeds to buy a car, pay credit card bills or some other purpose, you cannot deduct interest paid in 2018. The second change applies to loans that were originated after December 15th, 2017. You can now only deduct interest paid on the first $750,000 of these loans, or $375,000 if you’re married filing separately. If you refinance your loan after December 15th, 2017, there are some special rules that may let you deduct interest paid on the full amount you refinanced. To learn more, visit IRS.gov and check out Publication 936. And remember, to deduct your mortgage interest, you must itemize your deductions. But the tax reform law boosted the standard deduction for most people. That means for many people, the standard deduction will be a better deal than itemizing. To learn more about this and other tax law changes, visit irs.gov/taxreform. And, if you find this video helpful, please share it. Thank you.