I sold a condo which had approx $450k in mortgage debt left in June 2021. That number is now down to zero. That same month, I bought a house with approx $720k in mortgage debt. I am married. The tax code says you can deduct mortgage interest on the first $750k of indebtedness. I would think because I did not have both mortgages simultaneously, I could deduct all of my mortgage interest from both mortgages, since neither mortgage was above the $750k and neither house was as "second home" and they were both my "primary home"? Or can only deduct the interest from the condo (which I know longer own) and the interest up to 300k indebtedness of my new house? It is very much not clear on TurboTax.
