Tax guide

Do I qualify for the mortgage interest deduction?

You must meet the following requirements to take the mortgage interest deduction:

  • You make monthly mortgage payments for your home.
  • You must have taken the loan to buy, build or seriously improve a home.
  • The loan must also be secured, meaning that you signed a mortgage agreement, deed or land contract.
  • For loans secured before December 15, 2017, you may deduct the interest if the combined mortgages, for either one or two homes, is $1,000,000 or less. If married filing separately, the maximum home debt is $500,000.
  • For loans secured on or after December 15, 2017, the maximum is $750,000 ($375,000 for married filing separately).

If you got the loan from family or friends, they must take the legal steps to secure the loan, or you can't deduct the interest.

You may take the deduction on up to two homes that you own.

For more information, see our Tax Breaks for Homeowners page on the Tax Guide.

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