turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

kian_ja
Returning Member

Mortgage Interest Deduction Limit

I understand that there is a limit of $750,000 (married filing jointly) on mortgage debt for mortgage interest deduction thanks to the Tax Cuts and Jobs Act. My question is if the debt is higher than $750k, can we still partially deduct interest for debt up to $750k? My debt is higher than 750 and TurboTax decides that I ineligible for this and recommends that I take the standard deduction. Is there any way that I can at least deduct part of the interest that I paid?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

Mortgage Interest Deduction Limit

You can deduct the mortgage interest associated with the loan amount up to the $750,000 as an itemized deduction. However, you can't use your itemized deductions and your standard deduction, you have to choose the one that gives you the higher deduction.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question