Question

Home loan interest deduction not fully utilized.

Forum|Forum|3 years ago
February 28, 2023
1 reply
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I entered $11,101.61 from Line one of my 1098 and on the deduction summary I only received $5789 credit. 49.5 %. No one else is taking a deduction for my personal home loan. What reasons could there be for this discrepancy. My income tax to the IRS is over $30,000.

M

MayaD

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) for tax years prior to 2018.

Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 15, 2017 will continue to receive the same tax treatment as under the old rules.

For more information please check: Deducting Mortgage Interest FAQs

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