What are the eligibility requirements for mortgage interest deduction?
An example of an AI chatbot conversation about mortgage deduction eligibility.
What are the eligibility requirements for mortgage interest deduction?
To qualify for the mortgage interest deduction, you must itemize your deductions on your tax return and have a mortgage on your primary or secondary residence.
Does it apply to home equity loans as well?
Yes, interest on home equity loans can be deducted if the loan is used to buy, build, or substantially improve your home.
Are there any limits on the amount I can deduct?
Yes, the Tax Cuts and Jobs Act limits the mortgage interest deduction to interest on up to $750,000 of mortgage debt for loans taken out after December 15, 2017.
What if I bought my home before that date?
If you purchased your home before December 15, 2017, you can still deduct interest on up to $1 million of mortgage debt.
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