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April 15, 2020
Question

Mortgage interest

  • April 15, 2020
  • 1 reply
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Due to job relocation, I have sold my house in California (Property in California was purchased in 2007 and sold 07/03/2019 loan balance was 360,000 which was paid off when the house sold) I purchase my new home in the state of Massachussets loan amount 500,000. Do I need to limit my mortgage interest deduction?

    1 reply

    April 15, 2020

    No.

     

    Since your debt did not exceed $750,000, you do not need to limit your mortgage interest deduction.  I am assuming you sold your first home before your purchased your home in Massachusetts.

     

    Please see the attached for more details.

     

    Mortgage interest information

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    April 16, 2020

    Wonderful thank you