DavidD66
Employee Tax Expert

Deductions & credits

When filing separately, the loan limit to determine the amount of interest you can deduct is halved to $375,000 per person ($500,000 for loans obtained December 15, 2017 or earlier.  Therefore, you should enter 50% of the remaining principal.  If the total loan amount(s) for all your mortgage dept is less than $750,000 it's a moot point as your deduction will not be limited. 

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