Quote:
Originally Posted by seattleflamer
A $20million mortgage at 5% will get you to the max mortgage interest deduction of ~$1 million in yearly interest with you being on the hook for only 650K and the taxpayer subsidizing the rest: $450K of free money to encourge you to buy a home.
|
Just to clarify the maximum mortgage interest deduction allowed is on a $1 Million mortgage NOT $1 Million of interest. So the $20 Million portion of you example is incorrect.
This limitation amount is only if you are married filing jointly otherwise it is $500k.