I have a $640K CA mortgage= $26K interest/yr.Under the new tax law, can I only write off $10K /yr write off?

bmccaverty · ‎June 5, 2019

rjs · ‎June 5, 2019

Under the new tax law you will be able to deduct the full amount of mortgage interest. The $10,000 limit applies to state and local taxes, not mortgage interest.

The new tax law takes effect for 2018. It does not affect the 2017 tax return that you are filing now.

View solution in original post

xmasbaby0 · ‎June 5, 2019

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

rjs · ‎June 5, 2019

Under the new tax law you will be able to deduct the full amount of mortgage interest. The $10,000 limit applies to state and local taxes, not mortgage interest.

The new tax law takes effect for 2018. It does not affect the 2017 tax return that you are filing now.

Why sign in to the Community?

I have a $640K CA mortgage= $26K interest/yr.Under the new tax law, can I only write off $10K /yr write off?