JillS56
Expert Alumni

Deductions & credits

No, that is not correct.   You can only claim interest paid on up to $750,000 of Outstanding Mortgage Principal. In other words, the maximum eligible principal amount of a mortgage(s) is $750,000.  Once your total Outstanding Mortgage Principal hits $750,000 the amount of interest you can deduct is limited.   

 

Here is an article that gives some information on IRS Publication 936