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sdillon631
New Member

Can I deduct mortgage interest on both my first home and second home if each of those homes have mortgages of $1,000,000?

 
1 Reply
Leonard
Intuit Alumni

Can I deduct mortgage interest on both my first home and second home if each of those homes have mortgages of $1,000,000?

No Starting in 2018, mortgage interest on the total principal of as much as $750,000 in qualified residence loans can be deducted, down from the previous limit of  $1,000,000.   However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.

The link below has information that you may find useful.

https://www.irs.gov/pub/irs-pdf/p936.pdf

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