No, you can't split the principal balance of your home for the purposes of determining the mortgage interest deduction when you are Married Filing Separately. It is one of the disadvantages of filing separate returns.
It is limited to $375,000 if you are Married Filing Separately.
Per IRS Publication 936 Home mortgage interest. You can deduct home mortgage interest on the first $750,000 ($375,000 if Married Filing Separately) of indebtedness.
Click here for Publication 936.
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