Question

Can I get a tax deduction if my mortgage is more than 1 million?

Forum|Forum|7 years ago
June 3, 2019
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TurboTax Deluxe Online

Employee

Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status).

You can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds.

For details, see IRS Publication 936: Home Mortgage Interest Deduction.