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Level 2
posted Apr 3, 2023 5:44:23 AM

Is $750,000 max for mortgage interest deductibility based on current principal balances, or original loan amounts?

Is the maximum for mortgage interest deductibility, currently for up to $750,000 in mortgage debt I believe, based on current outstanding mortgage principal (box 2 of Form 1098) or something else like original loan amount?

0 2 250
2 Replies
Expert Alumni
Apr 3, 2023 6:07:39 AM

It is based on current debt.

 

Deducting Mortgage Interest FAQs

Level 2
Apr 3, 2023 6:13:32 AM

Thank you @CatinaT1