There is a lot of confusion on how the new tax reform will affect real estate and let me say this, please check with your CPA or tax preparer to see how it affect you! Meantime, this is what my take is!

With the new standard deduction almost doubled, people who itemized to take advantage of the mortgage interest tax deduction may be better off just taking the standard deduction. The new standard deduction for 2 people filing jointly is now about $24000 - double what it was last year! You need to crunch the numbers to see if itemizing or using standard deductions will be best for you.

Another item I found interesting is that the interest on a Home Equity Line of Credit is only tax deductible if the money is used to 'substantially' improve the house.

Last, this one might come into play in our area. Deductions for casualty losses are only covered if the loss was attributable to a presidentially declared disaster.

As I said, you need to consult with a tax expert to see how these changes might affect you.