Can each couple who share a 1.4 million mortgage deduct mortgage interest on 750,000 or is 750,000 the limit of the loan?

[Just-Lisa-Now-]

Re: Can each couple who share a 1.4 million mortgage deduct mortgage interest on 750,000 or is 750,000 the limit of the loan?

Can you clarify....is this 2 unmarried individuals that share ownership of a residence? Or a married couple that are filing married/separate? 

The "each couple" part is confusing.

[qbteachmt]

Can "each couple" means it is 4 people, two married persons, such as sharing a lake cabin and splitting the debt? Whose name is on the mortgage? Who is making the payments? For instance, older parents and their married adult child and spouse?

[robinweaver]

Yes, two married couples who are all on the deed and the loan.

[qbteachmt]

For your question as to what this is based on: "You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017."

From here:

https://www.irs.gov/publications/p936

But you cannot go to $750,000 each. Half of $1.4 m is only $700,000 each.