Quote:
Originally Posted by dkaufnelson
You can no longer deduct the interest on your mortgage for your primary home. You can only deduct mortgage interest on rental homes now.
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"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)