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Deductions & credits
You need to make sure you answered the questions correctly regarding the size of the mortgage and the use to which you put the money.
For mortgages after 12-15-17, the interest is not deductible to the extent the mortgages is over $750,000.
For home equity loans, the funds must have been used to improve your home.
Also, if you have a home office or rent a portion of your home, part of the mortgage interest much be allocated to your home office and/or the rental activity.
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March 8, 2020
8:51 PM