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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
March 30, 2022
6:35 AM