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Level 1
posted Oct 1, 2023 4:30:05 PM

Is there an income limit on deducting Home mortgage or Property tax?

0 2 529
1 Best answer
Level 15
Oct 1, 2023 4:52:46 PM

There is not an income limit when deducting mortgage interest or property taxes as itemized deductions on Schedule A.

There is a limit for SALT (State and Local taxes which includes property taxes) of no more than $10,000 if filing as Married Filing Jointly ($5,000 filing separately) as an itemized deduction.

There is a limitation for mortgage interest paid as an itemized deduction where the mortgage must be $750,000 or less.

2 Replies
Level 15
Oct 1, 2023 4:52:46 PM

There is not an income limit when deducting mortgage interest or property taxes as itemized deductions on Schedule A.

There is a limit for SALT (State and Local taxes which includes property taxes) of no more than $10,000 if filing as Married Filing Jointly ($5,000 filing separately) as an itemized deduction.

There is a limitation for mortgage interest paid as an itemized deduction where the mortgage must be $750,000 or less.

Level 1
Oct 4, 2023 7:09:25 AM

solved the problem. No more responses needed.