If my new home loan amount is > 750K (1M) and I paid for 2 points, then is the interest AND the amount I paid for points deductible? I do understand that I need to meet multiple conditions to be able to deduct points as described in https://turbotax.intuit.com/tax-tips/home-ownership/how-to-deduct-mortgage-points-on-your-tax-return...
But it not clear if the cost of points can be added if the loan amount exceeds 750K.
For e.g., say I have a loan for 1M @ 3%, and the interest portion for the first 750 for the first year comes out to be approximately 22K (out of the total ~30K interest) and if I paid 20K for points, can I deduct a total of 42K? Or are there any limitations?
Thanks
