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Most homeowners can deduct all of their mortgage interest. The Tax Cuts and Jobs Act (TCJA), which is in effect from 2018 to 2025, allows homeowners to to deduct interest on home loans up to $750,000.
Looking at my 2016 Schedule A, I see deductions for State Income taxes, Property taxes, Mortgage interest, and charitable donations. My property tax is well over $10k, so that will max out the $10k SALT (State and Local Taxes) limit. My mortgage interest and donations are significantly below the $24k standard deduction for 2018.
According to the IRS, the maximum mortgage amount you can claim interest on is $1,000,000 on first or second homes if the loan was taken after Oct 13, 1987. You can also deduct interest on $100,000 for a second mortgage loan used for anything other the purchase of your first or second home. More.
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The $90,000 is "acquisition indebtedness." You can deduct mortgage interest on loans for your principal residence and any second home up to a maximum of $1 million. But there is one additional amount.
The recent tax law changes reduce the maximum home loan size for which you can deduct interest from $1 million to $750,000. The new law limits the deductibility of interest on home equity loans , too.
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The mortgage interest tax deduction was one of the most cherished American tax breaks. Realtors, homeowners, would-be homeowners, and even tax accountants tout its value. In truth, the myth is.
Contrary to popular belief, the home mortgage interest deduction was not created to add a middle class tax incentive for home ownership: the home mortgage interest deduction is the last hold-out of personal interest allowed as a tax write off. Prior to the passage of the Tax Reform Act of 1986 (TRA86), all personal interest was deductible.
You can no longer benefit from these 12 expired deductions and credits under the new tax law. You won’t be able to take advantage of these now-extinct tax breaks under the new tax code.