Home mortgage interest will still be deductible. Interest on a home equity LOC will no longer be deductible.

Also SALT (state and local tax) deductions are capped at $10k for 2018 on out, so if you have a high RE tax bill, PP tax, and state income tax, you won't get to deduct more than $10,000 of it.

However, with the standard deduction almost doubling ($24,000 for MFJ, $12,000 for SINGLE), most people will no longer get an advantage to itemizing deductions, so that is where the point will be moot.

Also going away... the personal and dependents exemption. So people with 10 kids don't get a $40,000 exemption anymore. To offset that, they doubled the child tax credit. So if you were in the 25% bracket, you were getting $4,000 (rounding off) off your taxable income, cutting your tax by $1,000 for each child, and you got a $1,000 credit for each kid under age 17. NOW, you won't get the exemption, but your credit is now $2,000 per child under age 17, making the net change $0. People in lower brackets get a benefit from it. People in higher brackets are SOL, but thinking is if you have over $315,000 in taxable income, you're not gonna miss it.
[Post edited by Hokie CPA at 01/30/2018 4:53PM]