lwalden
Returning Member

Get your taxes done using TurboTax

Mortgage interest is limited to up to $750k of outstanding balance due. For example if you sold your primary home with an outstanding balance of $450k with paid interest of $11500. Then you purchased another home in the same year with an outstanding balance of $476K  with paid interest of $7500. You'll only be able to deduct interest of around $10,800 because the combined outstanding principals are more than $750k