Anonymous
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TCJA question for multiple mortages
My wife had a mortgage from before our marriage (prior to 2017) around ~250k. We bought a house together in 2020 and the mortgage amount was ~590K. Since one mortgage is prior to TCJA and another after and the total debt is >750k, how much mortgage interest can I claim as deduction for 2020 taxes? (newer house is primary residence, and previous is second home, we file jointly and we will be itemizing).
March 20, 2021
10:48 PM