Can You Deduct Mortgage Interest
3 A higher limitation of 1 million or 500000 each if married filing separately applies if youre deducting mortgage interest from indebtedness that was incurred before December. If you have a home loan the mortgage interest deduction allows you to reduce your taxable income by the amount of interest paid on the loan during. If Gop Scales Back The Mortgage Interest Deduction Californians Would Be Hit Hardest Los Angeles Times Can I Deduct Mortgage Interest. Can you deduct mortgage interest . However you cant deduct interest when the property you buy produces nontaxable income such as tax-exempt bonds. For married taxpayers that are filing a separate return this limit is now 375000 down from 500000. Most homeowners can deduct all their mortgage interest. The mortgage cant be in someone elses name unless its your spouse and youre filing a joint tax return. If your home acquisition debt exceeds the limit for your filing status you wont be able to deduct all of the mortgage inte...