Mark Kohler, senior tax advisor at TaxSlayer, discusses if you can deduct your mortgage interest on your tax return.
If you own rental property with a mortgage, the interest is completely tax deductible.
In 2018, the HELOC interest is no longer deductible. But those who had a mortgage before on a primary residence acquisition mortgage up to $1 Million, that interest is still deductible.
If you buy a new home between 2018-2023, you can deduct up to %750k of acquisition indebtedness.
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