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Level 2
posted Apr 15, 2020 3:29:10 PM

Mortgage interest

Due to job relocation, I have sold my house in California (Property in California was purchased in 2007 and sold 07/03/2019 loan balance was 360,000 which was paid off when the house sold) I purchase my new home in the state of Massachussets loan amount 500,000. Do I need to limit my mortgage interest deduction?

0 2 370
2 Replies
Employee Tax Expert
Apr 15, 2020 4:14:59 PM

No.

 

Since your debt did not exceed $750,000, you do not need to limit your mortgage interest deduction.  I am assuming you sold your first home before your purchased your home in Massachusetts.

 

Please see the attached for more details.

 

Mortgage interest information

Level 2
Apr 15, 2020 5:08:00 PM

Wonderful thank you