Is their a limit to gross income and mortgage interest tax deduction?

May 7th, 2010

My wife and I will make around 0,000 this year. Is their a limit to gross income and the mortgage interested tax deduction?

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  1. Judy - May 7th, 2010 at 2:37 pm

    If AMT kicks in for you, your deduction might be limited.

  2. chatsplas - May 7th, 2010 at 2:37 pm

    You MUST be obligated to pay them. They must be loans for the purpose of buying or improving your new home. Normal limits on itemized deductions, except with AMT.

    http://www.irs.gov/publications/p936/ar02.html#d0e1887

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