It depends. Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.
Please also see Deducting Mortgage Interest FAQs to determine if any special situations apply to your tax situation.
For more details, see IRS Publication 936: Home Mortgage Interest Deduction.
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