Deductions & credits
For federal purposes, the itemized deduction rules for home mortgage and home equity interest you paid in 2020 have changed from what was allowed as a deduction for tax year 2017. For New York purposes (Form IT-196, lines 10 and 11), these changes do not apply.
For specific information, see:
- 2017 federal Schedule A instructions for lines 10, 11, and 12
- 2017 IRS Publication 936, Home Mortgage Interest Deduction
- page 9, Limits on Home Mortgage Interest Deduction
- 2020 federal Schedule A instructions for line 9 (not yet available)
I have attached Figure A and Worksheet from the 2017 IRS Publication 936.
Besides the HELOC, how much was the highest principal amount of your mortgage during the year? This will also determine the limitation of mortgage interest deduction.
