Even if you refinance, the old limit applies as long. This is the part of your home mortgage debt that is grandfathered debt or that isnapost more than the limits). Is Mortgage Interest Still Deductible After Tax Reform?
Publication 9(20Home Mortgage Interest Deduction. However, under the new rules, you can only deduct interest on loans valued at a maximum of 75000. Your home mortgage interest deduction is limited to the interest on the part of your home mortgage debt that isnapost more than your qualified loan limit. Dec 2 20Under the old rules, you could deduct mortgage interest on loans valued at up to million. Its beyond me why the government thinks two people who want to marry with 750mortgages.
What the new tax law will do to your mortgage interest. Mortgage Interest Deduction Limit and Income Phaseout You already know that the government is sexist because the maximum mortgage interest deduction limit stays at 750even though both people could have 750mortgages. Understanding the Mortgage Interest Deduction - ValuePenguin Anyone who purchased a home before December 1 20will be able to deduct mortgage interest payments on up to million in debt, up until 2025.