Mortgage Interest Limits

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Loss in Tax Court on Mortgage Deduction Limit for Same-Sex Couple

By | March 12th, 2012|Categories: Same-Sex Marriage and Taxes|Tags: , , |

The Tax Court last week ruled against celebrity psychiatrist Dr. Charles Sophy and his domestic partner Bruce Voss in a case regarding the allowable amount of deduction for mortgage interest. Tax law allows a deduction for mortgage interest on up to $1.1 million of debt on up to two homes. In this case, Sophy and his [...]

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Interest Tracing Rules Doom Couple in Tax Court

By | August 13th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , |

If you own a home, you can deduct interest of up to $1 million on acquisition debt (usually your mortgage) and another $100,000 of home equity debt (a line of credit, for example).  Interest on amounts borrowed over $1.1 million is not deductible.  A couple from New Mexico tried to get around the $1.1 limit but [...]

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