turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

CGR_2020
New Member

Mortgage Interest Deduction Married filing separately

My spouse and I purchased our main home in 2015 and sold it in 2019. The mortgage balance < $500,000.

We then bought a (new) main home in 2019 and the mortgage balance > $500,000.

For the 2019 tax year, if I file as 'married filing separately' with itemized deductions, am I eligible to deduct 50% of the total mortgage interest paid in 2019?

I'm not clear on how to interpret the $375,000 limit if married filing separately.

Help/guidance appreciated!

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Mortgage Interest Deduction Married filing separately

If you are married filing separately, you may divide your mortgage interest and property taxes in any way that seems convenient to you.  However, the maximum indebtedness that qualifies for the mortgage interest deduction is $750,000 between the two of you.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question