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You can only deduct the interest on $750,000 of mortgage debt. Lets say your average mortgage balance during 2018 was $1 million, and you paid $40,000 in interest. You would be able to deduct 3/4 (750,000 / 1,000,000) of your interest or $30,000.
You can only deduct the interest on $750,000 of mortgage debt. Lets say your average mortgage balance during 2018 was $1 million, and you paid $40,000 in interest. You would be able to deduct 3/4 (750,000 / 1,000,000) of your interest or $30,000.
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