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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?
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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?
It depends. If you are looking at the tax breaks page, it gives a combined total of Mortgage Interest, points, and mortgage insurance premiums that you may have reported in your program. Chances are you reported point totals along with your mortgage interest amounts.
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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?
Thanks Dave, but I didn't pay or report any points in my Mortgage Interest and refinancing section. Is there any other reason why my interest might be limited?
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My "Mortgage Interest and Refinancing" shows $19,336. The value for "All deductible interest" shows $10,171. Why are the two values different?
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Limited interest and points must be entered
Home Mortgage interest being limited
Thank You for your patience.
Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.
For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds. For details and learn more, click here: Home mortgage interest limitation
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