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Deductions & credits
<<if we each claim half of the total mortgage interest deduction does that mean we are only taking a deduction for up to $375,000 of the mortgage?>>
If you file separately and you each claim 50% of the mortgage interest deduction, then you are each taking a deduction for up to $375,000 of the mortgage.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎October 31, 2019
2:06 PM
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