Most homeowners can deduct all their mortgage interest. However, if your mortgage debt is above a certain amount, the deductible interest is proportional to the amount of your mortgage that falls within the threshold.
For mortgages taken out after October 13, 1987, and before December 16, 2017, mortgage interest is fully deductible up to the first $1,000,000 (married Joint) of mortgage debt. For mortgages taken out after December 15, 2017 , the threshold has been lowered to the first $750,000 (married Joint) of mortgage debt.
Be sure to indicate that mortgage is secured by the home.
