Topic Thread

Mortgage interest deduction limitation

  • 1.  Mortgage interest deduction limitation

    Posted 6 days ago
    A married couple has a 2017 home mortgage with balance of $1,400,000. They also have a second home with a mortgage balance of $400,000 ( 2015). Both are first mortgages.
    In doing the calculation for the limitation, are we permitted to use a threshold of $1.1million (using 100,000 for home equity) or only the $1 million?

    --
    Mara  L. Reimer CPA
    Reimer & Freeman CPAs PC
    45 Tudor Road
    Farmingdale, NY 11735
    T: 516-694-6808
    F: 516-694-1340


  • 2.  RE: Mortgage interest deduction limitation

    Bronze Most Valuable Member
    Posted 5 days ago

    When in 2017 was the mortgage taken? Rules changed after December 15, 2017.

    If before Dec. 15th, the combined acquisition debt on main and second home is limited to $ 1 million ($ 500,000 MFS).

    --  Evan S. Golar, CPA, EA, NTPI Fellow, ARA 15 Murray Drive Airmont, New York 10952-3816 work 845-357-8770 fax   845-357-5731 www.golarcpa.com  Enrolled Agents-America's Tax Experts     E.A.???s do CPR for taxpayers, Consultation, Preparation and Representation  If you are satisfied with our services, please refer us to your friends, family and colleagues  This e-mail is intended only for the confidential use of the recipient named above.  If you are not the intended recipient, you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  If you have received this communication in error, please notify us immediately by e-mail or telephone and delete the original message.





  • 3.  RE: Mortgage interest deduction limitation

    Posted 4 days ago
    The 2017 mortgage was taken out 7/31/17 to buy principal residence.

    --
    Mara  L. Reimer CPA
    Reimer & Freeman CPAs PC
    45 Tudor Road
    Farmingdale, NY 11735
    T: 516-694-6808
    F: 516-694-1340