How do I adjust the interest deduction for my second mortgage?

Posted on March 15, 2010
Filed Under Uncategorized | 1 Comment

My second mortgage is $150k. I understand that one can only deduct the interest paid on the first $100k. Is this correct, and if so, would it be reasonable for me to just leave off 1/3 of the interest, when making the deduction (for last year I made interest only payments)?

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One Response to “How do I adjust the interest deduction for my second mortgage?”

  1. Tomk on March 15th, 2010 7:41 am

    Check out publication 936 at the link below. Click the link for Part II, Limits on Home Mortgage Interest Deductions.

    You have to scroll a bit, but there’s a table that will tell you how to figure that interest. It’s Table 1.

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