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Mortgage Interest Deduction on two homes - and applying the cap
I have two homes I use for personal use.
Mortgage 1 - has a loan origination of 12/2015 and has a $540K balance
Mortgage 2 - has a loan origination of 6/2021 and has a $420K balance
I know there is a $750K limit for mortgages after 2017 but prior to that date, the cap was $ 1 million.
Can I claim the interest off both these loans, given the original loan (that would put me over the $750K mark but under the $ 1 million mark) was prior to 2017?
‎January 31, 2023
3:40 PM