TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 1

Question

Can we apply the home mortgage interest limitation of $375,000 for our filing status as married filing separately or on a combined basis ?

Forum|Forum|7 years ago
June 2, 2019
1 reply
9 views

our situation is that we bought a home with a $700,000 mortgage on October, 2018. The 2018 interest on the mortgage was $5,000 which we each paid 50% or $2,500. The TCJA limits deduction of interest to a loan of $375,000 which lowers the interest deduction to $2,700. Can we each claim the interest on $375,000 loan limit or just 50% of that amount ?

TurboTax Deluxe Windows

Level 15

I do not understand -- TCJA, limits the principal to $750,000 total. So if there are two people involved in the same mortgage ( not filing jointly), then it would be $375,000 for each person. Does that make sense?