TaxGuyBill
Level 15
01-29-2021
12:42 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
$550,000 on main home - Deductible on Schedule A, but see third point for limitations.
$150,0000 on home that is now a rental - Fully deductible on Schedule E.
$300,000 on second home - Deducible on Schedule A, but because this was after change, you are limited to $750,000 between this one and the Main Home (fully use the higher interest one, and use the lower interest one for the rest).
$150,000 used to improve rental - Fully deductible on Schedule E.