Refinance mortgage interest limit - Spidell

Refinance mortgage interest limit

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Message Board Refinance mortgage interest limit

This topic contains 1 reply, has 2 voices, and was last updated by Lynn Freer 2 months ago.

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  • #171732
    Anonymous

    In 2007 taxpayer had a home mortgage of $1,200,000.  By 2019 principal had been paid down to $1,050,000.   From 2007 to 2019 the taxpayer secured a series of home equity loans aggregating to $350,000.  Now in 2019 taxpayer is going to refinance for a total of $1,460,000 ( $1,050,000 current loan amount, $350,000 home equity loans and $60,000 for a new vehicle purchase).  Under the new tax law interest on what part of this new $1,460,000 debt will be deductible?

  • #171751
    Lynn Freer
    Participant

    If it is a refinance $1 million is the maximum.