ThomasM125
Expert Alumni

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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