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I have some questions related to the limitations on the

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I have some questions related to the limitations on the mortgage interest deduction on Schedule A.

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I have some questions related to the limitations on the mortgage interest deduction on Schedule A.

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I refinanced my home mortgage and took a $1,300,000 new loan.

Submitted: 8 months ago.Category: Tax
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10/2/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,529
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer. My name is ***** ***** I will be able to answer your question today

What is your specific question? Additionally, I have placed a few notes below for you to review

The maximum mortgage amount you can claim interest on is $1,000,000 on first or second homes.

Further, the mortgage interest deduction is phased out as part of the phase-out of itemized deductions, which starts when your Adjusted Gross Income exceeds $311,300if married filing jointly or qualifying widow(er), $285,350 if head of household, $259,400 if single, or $155,650 if married filing separately.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

If you have any further questions please let me know. If you have NO further questions please take a moment to accept the answer so I may be compensated for my work.

Thank you!
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

Do you have any additional questions?

If not please take a moment to accept the answer so I may be compensated for my answer.

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