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Maximum Mortgage Interest Deduction

My 2023 home mortgage interest was $21,844 but when I go through all steps (answers provided below), it automatically provides a $11,741 adjustment for me saying that my mortgage interest deduction has been limited. 


I'm just hoping to confirm if this is correct or if I'm able to deduct for the full amount ($21k). 


Additional details:

- Married; filing separate

- Property tax was: $6,348.19

- Loan is secured by a property I own

- All points were deducted when purchasing the home in 2021

- Primary home (only property I/we own)

- Never refinanced and is not a HELOC

- Principal balance as of 1/1/2024: $686,744.96


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2 Replies
Expert Alumni

Maximum Mortgage Interest Deduction

You deduction is limited because the property is seen as owned jointly and the two of you are filing separately.  The remainder of the mortgage interest is deductible on your spouse's return.  If you itemize deductions then your spouse is required to itemize as well when filing married filing separately.



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Maximum Mortgage Interest Deduction

in your situation when you file married separate the limitation on your mortgage interest deduction is

375,000 divided by your average mortgage balance for 2023 times the mortgage interest

see IRS PUB 936. this is the maximum you can deduct. 



other factors that could affect the amount you can deduct include

1) do you live in a community property state 

2) who names are on the mortgage

3) who paid the mortgage and was it paid from a joint or separate account


thus in some cases your limit may be just 1/2 of the interest. the worksheets the iRS provides can not be used.


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