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Deductions & credits
Yes, you are correct. I missed that detail in my response. Let's see if I can get this right. The interest on your second home is subject to the $1M and is fully deductible. However it reduces the $750K limit on the primary home by $262K. So the interest on the primary is limited to ($750K-$262)/$613 = 79.6%.
March 22, 2025
10:39 PM