Mortgage Interest Deductions for Primary and Second Homes

Dr. Friday discusses mortgage interest deductions for primary and secondary homes. Mortgages over $750,000 are only deductible for the first $750,000, especially if refinanced after 2017. Interest on second homes, like a camper or houseboat, also qualifies for deduction. Stay informed about limitations to avoid surprises during tax season. Transcript: G’day. I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. Interest paid on a house. One of the things I think people need to remember is that in 2017, if you have a mortgage over $750,000 and you had it from that point, you can continue to take your interest. But let’s say you refinanced in 2019 or 2020, and you have a million-dollar mortgage. You cannot write off all of that interest, only up to $750,000. Now, you can also write off the interest on your second home. Maybe you have a house in Florida or a camper or a houseboat. Remember, those are considered second residences, and they are deductible for tax purposes. 615-367-0819. Looking forward to hearing from you. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.