are mortgage intere

Thomasprach

<h3>2. What is the difference between a mortgage and a home equity loan?</h3>
However, the deduction is not unlimited.  The amount you can deduct is capped at the interest on the first $750,000 of debt for loans taken out after December 15, 2017, or $1 million for loans taken out before that date.  This limit applies only to married couples filing jointly and surviving spouses.  If you are single, head of household, or married filing separately, the limit is $375,000 for loans taken out after December 15, 2017, or $500,000 for loans taken out before that date.



More details    <a href=https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/>https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/</a>


<h3>Impact on Overall Tax Liability</h3>
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2. **Identify Acquisition Debt:** Review your loan documents to determine the amount of acquisition debt you have.
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However, the deduction is not unlimited.  The amount you can deduct is capped at the interest on the first $750,000 of debt for loans taken out after December 15, 2017, or $1 million for loans taken out before that date.  This limit applies only to married couples filing jointly and surviving spouses.  If you are single, head of household, or married filing separately, the limit is $375,000 for loans taken out after December 15, 2017, or $500,000 for loans taken out before that date.