Contact UsWe are looking at purchasing our dream home but it is 3 million dollars. What is the amount of interest we can deduct on the mortgage of our home?
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Tax Professional Answers
John Stancil
You can deduct interest on $1,000,000 of debt for all your residences. So if you have more than one home, the limit is a total of $1,000,000. If you do not have a second mortgage or HELOC on the property, you can treat $100,000 additional debt as deductible.
Hope this helps.
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501 weeks ago
Hope this helps.