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Old 04-16-2021, 01:13 PM
manaboutown manaboutown is offline
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Quote:
Originally Posted by dkaufnelson View Post
You can no longer deduct the interest on your mortgage for your primary home. You can only deduct mortgage interest on rental homes now.
???

"The home mortgage interest deduction (HMID) allows itemizing homeowners to deduct mortgage interest paid on up to $750,000 worth of their loan principal.
The Tax Cuts and Jobs Act (TCJA) passed in 2017 reduced the maximum mortgage principal eligible for the deductible interest to $750,000 (from $1 million) for new loans.
The TCJA also nearly doubled standard deductions, making it unnecessary for many taxpayers to itemize.
As a result, most went on to forgo the use of the mortgage interest tax deduction entirely."

Calculating the Home Mortgage Interest Deduction (HMID)
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