Question

I built a new home in 2023 an have construction loan interest. I moved into the new house but I am updating the old home and still own it. Can I deduct interest for both?

Forum|Forum|2 years ago
April 14, 2024
1 reply
0 views

One is a construction loan and the other is traditional mortgage.

TurboTax Deluxe Online

Yes, as long as the loan is secured by the property but there is a limit on the mortgage interest deduction to $750,000. As long as your combined mortgages are less than that you have no issues. If the balances on the two mortgages are more than that then your deduction will be limited.

@lmerriman

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"