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dtmitchel
New Member

Turbo tax limited my mortgage interest amount to $10,000. If your mortgages are prior to 2017 is that correct?

My understanding is you get grandfathered in at the old rate
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1 Reply
AnnetteB6
Expert Alumni

Turbo tax limited my mortgage interest amount to $10,000. If your mortgages are prior to 2017 is that correct?

Double check your return to be sure that you are not looking at the State and Local Income Tax (SALT) amount instead of the mortgage interest.  The Tax Cuts and Jobs Act did implement a $10,000 limit on SALT for a married couple, but there is not a $10,000 limitation on mortgage interest.  

 

Instead, there is a debt limit that has been imposed with regard to mortgages.  This limit is $750,000.  Mortgages taken out prior to December 16, 2017 are grandfathered in at the higher debt limit amount of $1,000,000.

 

 

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