My wife had a mortgage from before our marriage (prior to 2017) around ~250k. We bought a house together in 2020 and the mortgage amount was ~590K. Since one mortgage is prior to TCJA and another after and the total debt is >750k, how much mortgage interest can I claim as deduction for 2020 taxes? (newer house is primary residence, and previous is second home, we file jointly and we will be itemizing).
Yes, there is a way for you to pre- determine how much mortgage interest you can deduct. Read publication 936 to Table 1. This is a worksheet that will help you determine how much allowable mortgage interest you can expect to deduct from your return. Turbo Tax will also make the determination for you.
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