My wife and I are legally married,but have been separated for 18 months. We each own separate homes. Are we limited to deducting the mortgage interest of only one home?
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Yes, mortgage interest can be deducted for two homes. And, if you are filing separately, you both will need to itemize deductions anyway on your federal returns (meaning one can't take the standard deduction and the other itemize.)
Here is more information on the mortgage interest deduction:
Yes, mortgage interest can be deducted for two homes. And, if you are filing separately, you both will need to itemize deductions anyway on your federal returns (meaning one can't take the standard deduction and the other itemize.)
Here is more information on the mortgage interest deduction:
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