As lawmakers work out the details of their tax plans, homeowners could be saying goodbye to some long-standing deductions. Here's a look at some of the potential tax changes in play that could impact homeowners:Capping the mortgage interest deductionCurrent tax code allows homeowners to deduct interest on mortgages up to $1 million. The housing industry said lowering how much mortgage interest homeowners can deduct could increase the cost of buying a home, slow some home construction and discourage people from buying. Related: What's in the Senate Republicans' tax billEliminating state and local property tax breaksThe Senate's tax plan would eliminate deductions for state and local taxes -- including property taxes. According to data from ATTOM, a little more than 4 million Americans have a property tax bill above that threshold.

Source: CNN November 14, 2017 20:03 UTC