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kuttilala
Level 1
March 5, 2025
Question

Mortgage Interest Deduction

Hello, I carry a mortgage on my primary residence. I also have a construction loan on the retirement home that I am building which I will move into in 6 months. Can I deduct both interests ?

1 reply

DianeW777
Alumni - Intuit
March 5, 2025

It depends. If the total mortgage principal is below $750,000 you can deduct the full amount. If it is higher then your deduction will be limited. See the link below for additional information.

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