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posted Jun 3, 2019 1:26:45 PM

Can deduction for mortgage interest be over 10000? Why does online post says that 10000 is the max for mortgage deduction?

I have over 15000 for mortgage interest and Turbo calculated as all deductible. But online post says the limit is 10000. Under what circumstances can mortgage interest deduction be over 10000? 

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Level 15
Jun 3, 2019 1:26:46 PM

You misunderstood.  The $10,000 limit is for SALT--state and local taxes.  

State, local, property, and sales tax (SALT) deduction

For mortgages in 2018:

  • If you itemize, you can deduct the interest on up to $750,000 in mortgage debt, if the loan was used to buy or improve a first or second home.
  • Mortgages and refinances taken out before December 16, 2017 are grandfathered in at the $1 million debt limit.
  • You can still deduct the interest on a new or existing home equity loan or line of credit, but only if it’s used to buy, build, or substantially improve your home and your total mortgage debt doesn’t exceed $750,000.

https://ttlc.intuit.com/questions/4482394-how-will-tax-reform-affect-my-2018-federal-tax-return