Hi,
I have two loans to deduct interest on. Our primary home mortgage originated in 2012 and was refinanced 2020. Original loan amount was around 425k. Refi amount was 315k. We also have a boat (which qualifies as a 2nd home) that we purchased in 2020. The original loan amount was 500k. How do the deduction limits work with different dates? I understand that the acquisition date for the house is before 12/15/17, so that should qualify it for the $1mil limit, but the boat was purchased in 2020, putting that towards the 750k limit.
Help!
