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bmccaverty
New Member

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

 
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rjs
Level 15
Level 15

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

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.

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xmasbaby0
Level 15

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

<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/tax-tips/irs-tax-return/2017-tax-reform-legislation-what-you-should-know...>
**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
Level 15
Level 15

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

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.

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