If my unmarried partner and I buy a home in 2018 with a $1.1M mortgage and split the interest payments can we each claim the full mortagage interest deduction? I understand that under previous tax law there was a limit on interest deductions (you could not deduct interest on loan amounts over $1M), but that limit applied on a per-taxpayer basis, so an unmarried couple with a loan greater than $1M could split the interest payments and each deduct the full amount of their interest payments. Now that the limit on mortgage interest deduction is lowered to $750,00, does that rule still apply? In other words, if my partner and I each pay the interest on our share of the loan ($550,000), can we each fully deduct our mortgage interest payments under the new tax law, even if between the two of us we are paying interest on a loan over $750,000?
