Home mortgage interest limit per loan or per person?

[onlinetax]

For loans taken out after 2017, is the limit on home mortgage interest $750,000 per loan or per person? Assuming Form 1098 shows mortgage principal of $1,500,000, can my domestic partner and I each deduct interest on $750,000 of debt?

[DMarkM1 · Accepted solution]

The mortgage interest deduction limit is for the mortgage debt.  In your example you share a total mortgage debt of $1,500,000; the limit on that debt is $750,000.  If you split the debt 50/50 that's a debt of 750,000 each and so the limit is split 50/50 as well.  

The bottom line result is the limit 750K/1.5M = 50% of interest is deductible on your total mortgage debt.  If you each paid 50% of the interest, you each can deduct 50% of your interest paid.