HOW DO I FIGURE OUT ALLOWABLE INTEREST DEDUCTION

Question

Question

Answer 1

Answer #1

Interest deduction is applicable on home loans, mortgage loans, and student loans.

Maximum allowable deduction, since the starting of 2018 year:

Married filing jointly: the maximum level of interest deduction is $750,000.

Married filing separately: the maximum level of interest deduction is $375,000 for each return.

Answer 2

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