topic Two people with a mortgage on a house, can take the full deduction instead of splitting it based on a landmark ruling, why do you suggest otherwise? in Deductions & credits

Two people with a mortgage on a house, can take the full deduction instead of splitting it based on a landmark ruling, why do you suggest otherwise?

mc4319 — Tue, 04 Jun 2019 20:38:30 GMT

https://www.accountingweb.com/tax/irs/irs-relents-on-double-mortgage-interest-deduction-for-unmarrie...

That doesn't mean they can each take 100% deduction. Jus...

VolvoGirl — Tue, 04 Jun 2019 20:38:32 GMT

That doesn't mean they can each take 100% deduction. Just if the mortgage is 2.2 million they can each take interest on up to 1.1 million. Not 1.1 million total for the whole house.

It is no longer $1.1 million for new mortgages, only gran...

Zbucklyo — Tue, 04 Jun 2019 20:38:33 GMT

It is no longer $1.1 million for new mortgages, only grandfathered ones.

Yes, unmarried taxpayers are individually allowed to dedu...

Zbucklyo — Tue, 04 Jun 2019 20:38:34 GMT

Yes, unmarried taxpayers are individually allowed to deduct mortgage interest on up to $750,000 of principal balance (on a new mortgage), so theoretically they can deduct the loan interest on a $1.5 million mortgage if it is equally split. However, they are not allowed to double-count the mortgage interest paid, regardless of the size of the mortgage.