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March 12, 2021
Question

Say I paid mortgage interest of 40000 on XXXXXXX mortgage, turbo tax is saying, I can only claim for 15000 instead of 35000(for upto 750000), why is that?

  • March 12, 2021
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March 15, 2021

Your deduction would be limited if your mortgage deduction exceeds $750,000 for any loans obtained after December 15, 2017 for married filing joint returns.  

 

Please see the flow chart below to determine if your mortgage interest deduction could be limited based upon your particular set of circumstances.

 

Mortgage interest deduction

 

Limits on deductible mortgage interest

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