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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- How to deduct interest Mortgage loan over $750k
How to deduct interest Mortgage loan over $750k
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skyworks
Level 5
04-08-2022
09:50 PM
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Can you deduct mortgage interest if the loan over $750000?
the couple did cash out refinance of their principal home in 2021, the total loan $900000.
The used about $250000 cash as down pay to buy a rental property. Can they deduct interest from mortgage of $650000.
then allocate interest portion from the $250000 loan used on rental to rental property?
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rbynaker
Level 13
04-08-2022
09:56 PM
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See if this might answer your question:
https://www.irs.gov/pub/irs-wd/1201017.pdf
Note that weird things might happen if/when the TCJA $0 limit on home-equity interest expires and goes back to $100K.
Rick
