I currently have 2 mortgages (primary & secondary home both closed before 2017) with balance of $450K on primary home and $400K on secondary home. If I sell my primary home now and get a $500K mortgage to purchase a new house as primary home. Can I deduct a total of $900K instead of $750K under new Trump tax law?
My rational is that I can deduct the full $500K for my new primary home in 2018 because it is under $750K, and I can deduct the full $400K on secondary home because it was closed prior to 2017.
