Can I still deduct my mortgage interest?
You can still claim the mortgage interest deduction, but due to the lowering of limits and the changing of the criteria, it will rarely be worth it for most Americans. The standard deduction is now something most taxpayers will take because it’s no longer worth itemizing.
What is the maximum mortgage interest deduction?
The amount of mortgage interest you can deduct depends on the type of home loan you have and the way you file your taxes. If you are single or married and filing jointly, and you’re itemizing your tax deductions, you can deduct the interest on mortgage debt up to $750,000
How much of mortgage interest is tax deductible?
Yes, mortgage interest is tax deductible in 2021 and 2022 up to a loan limit of $750,000 for individuals filing as single, married filing jointly, or head of household. If married but filing separately, the amount is $375,000 each. 1
Is mortgage interest still deductible after tax reform?
While taxpayers may fear an increase in their federal income taxes as a result of the new restrictions on deducting mortgage interest, many taxpayers likely will no longer claim a mortgage interest deduction on their taxes anyway.