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Richtoo
New Member

Mortgage interest

My wife owns a home which we both lived in. I purchased a home in another state and now because we are filing jointly TT says I cannot deduct the whole amounts ?

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1 Reply
Vanessa A
Employee Tax Expert

Mortgage interest

If the mortgage balance is over $750,000, then you would not be able to deduct interest on the balance that is greater than $750k ($1 million if mortgage was before 12/16/17).  

 

If you would file separately, those amounts would be split in half. 

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