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mike_akane
New Member

With the new tax laws for mortage interest deduction; what is going to be the limit on this deduction if the house was over the 750,000 threshold.

 
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tagteam
Level 15

With the new tax laws for mortage interest deduction; what is going to be the limit on this deduction if the house was over the 750,000 threshold.

The value of your house does not have any impact on the deductible amount of mortgage interest; it is the amount of indebtedness (and when it was incurred) that is relevant.

 

See, generally https://www.irs.gov/pub/irs-pdf/p936.pdf

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tagteam
Level 15

With the new tax laws for mortage interest deduction; what is going to be the limit on this deduction if the house was over the 750,000 threshold.

The value of your house does not have any impact on the deductible amount of mortgage interest; it is the amount of indebtedness (and when it was incurred) that is relevant.

 

See, generally https://www.irs.gov/pub/irs-pdf/p936.pdf

NCperson
Level 15

With the new tax laws for mortage interest deduction; what is going to be the limit on this deduction if the house was over the 750,000 threshold.

@mike_akane - the $750,000 threshhold is based on the mortgage amount and not based on the sales price of the home.

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