My spouse and I purchased our main home in 2015 and sold it in 2019. The mortgage balance < $500,000.
We then bought a (new) main home in 2019 and the mortgage balance > $500,000.
For the 2019 tax year, if I file as 'married filing separately' with itemized deductions, am I eligible to deduct 50% of the total mortgage interest paid in 2019?
I'm not clear on how to interpret the $375,000 limit if married filing separately.
Help/guidance appreciated!
