Dear Community A noob question about *Mortgage interest deduction limit*This means that, any interested paid for the loan amount beyond the $750K is NOT deductible?

A noob question about *Mortgage interest deduction limit*This means that, any interested paid for the loan amount beyond the $750K is NOT deductible?

The guidelines: After Dec 15, 2017 stated that:

You can deduct the mortgage interest you paid on up to $750,000 in loans for your first or second home

[Question] This basically means that, any interested paid for the loan amount more than $750K is NOT deductable?

Example:

Loan Amount: 1M
Interest Rate: 1%
Meaning Intestest is: 10K

However, the interest rate paid for 750K+ ~ 1M is not allowed for deduction,

Therefore, I can only deduct: 7.5K? (the 1% of first 750K loan)


Thanks