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Level 2
October 1, 2023
Solved

Is there an income limit on deducting Home mortgage or Property tax?

  • October 1, 2023
  • 1 reply
  • 13 views
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Best answer by DoninGA

There is not an income limit when deducting mortgage interest or property taxes as itemized deductions on Schedule A.

There is a limit for SALT (State and Local taxes which includes property taxes) of no more than $10,000 if filing as Married Filing Jointly ($5,000 filing separately) as an itemized deduction.

There is a limitation for mortgage interest paid as an itemized deduction where the mortgage must be $750,000 or less.

1 reply

DoninGA
Level 15
DoninGALevel 15Answer
Level 15
October 1, 2023

There is not an income limit when deducting mortgage interest or property taxes as itemized deductions on Schedule A.

There is a limit for SALT (State and Local taxes which includes property taxes) of no more than $10,000 if filing as Married Filing Jointly ($5,000 filing separately) as an itemized deduction.

There is a limitation for mortgage interest paid as an itemized deduction where the mortgage must be $750,000 or less.

SiamakAuthor
Level 2
October 4, 2023

solved the problem. No more responses needed.