If the conforming mortgage loan limit is increased to $1,089,300, is the interest on this loan 100% tax deductible for a primary residence?
- posted
11 months ago
If the conforming mortgage loan limit is increased to $1,089,300, is the interest on this loan 100% tax deductible for a primary residence?
No. The IRS limit on acqusition debt is currently $750K. Any interest on acquisition debt above this amount is not deductible. The deductibility has no relationship to what the FHFA decides is the limit that Fannie Mae or Freddie Mac can buy.
Ira Smilovitz, EA Leonia, NJ
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.