Mortgage interest is deductible for acquisition debt used to buy, build, or substantially improve a principal residence and one other home, with a current limit of $750,000 of interest paid, a threshold recently extended by the OBBBA.
reported by one outlet so far · Reported fact · first recorded Jul 8, 5:30 AM
How each outlet reported it
cpapracticeadvisor.comUnrated · Jul 8, 12:45 AM
You can deduct mortgage interest for acquisition debt paid to buy, build or substantially improve your principal residence and one other home.
Cites: IRS
cpapracticeadvisor.comUnrated · Jul 8, 12:45 AM
The current limit on new acquisition debt is the first $750,000 of interest paid.
Details: $750,000 threshold; down from previous limit of $1 million
cpapracticeadvisor.comUnrated · Jul 8, 12:45 AM
The $750,000 threshold was recently extended by the One Big Beautiful Bill Act (OBBBA).
Cites: One Big Beautiful Bill Act (OBBBA) · Details: $750,000 threshold extension