Mortgage Interest deduction

Taxingme · ‎March 14, 2020

Why is our mortgage interest being deducted from my taxable income? When we enter it and our property taxes paid (less than 10K), it's telling us we've hit our 10K max when there's clearly not that much being accounted for.

DanaB27 · ‎March 14, 2020

The $10,000 limit applies to State and local taxes (or sales tax) and property taxes. Did you have any state tax withholdings on your W-2? Or entered any Sales tax?

The mortgage interest deduction is limited if the debt doesn't exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017).

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View solution in original post

DanaB27 · ‎March 14, 2020

The $10,000 limit applies to State and local taxes (or sales tax) and property taxes. Did you have any state tax withholdings on your W-2? Or entered any Sales tax?

The mortgage interest deduction is limited if the debt doesn't exceed $750,000 (or $1,000,000 if the loan was taken before December 16, 2017).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Mortgage Interest deduction