I have two mortgages in 2023 with over $750K in outstanding balance. The larger mortgage is $1.2M outstanding at 5%. The smaller mortgage is $800K outstanding at 2.75%.
May I only deduct the larger mortgage (which as much more interest paid) up to $750K? In other words, I paid twice as much mortgage interest on the bigger loan, and I want to maximize the amount of the deduction.
