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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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$750K Mortgage Interest Limit
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lefty
Level 4
09-27-2023
05:19 PM
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Is it per taxpayer or per loan? I have a brother and sister that decided to buy a primary home together in 2022. The loan on that house is for $1.5Million. They are both on the title and loan. Do we apply the $750K limit to the $1.5M, then take that remaining interest and split it between them? Or does each taxpayer get to apply the $750K limit to that $1.5M loan (in this case the interest is not limited, whatever interest was paid in 2022 gets split 50/50)?
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