The amount of mortgage interest you can deduct from your taxable income depends on when you bought your home. If you took out a home mortgage loan before December 16, 2017, you may be able to deduct interest on up to the first $1 million of mortgage debt. If you took out a loan after December 15, 2017, you may be able to deduct interest on the first $750K of home mortgage debt.

To qualify for the mortgage interest deduction, you must itemize your deductions rather than taking the standard deduction, live in the home you’re paying mortgage interest on (including a second home), and meet certain other requirements. Your property also must meet the IRS’s definition of a qualified home.

Mortgage interest is just one of the many deductions you may be able to take advantage of if you itemize. What’s the best way to make sure you take advantage of every deduction you can? Work with a Tax Pro to make a plan. We’re open all year and ready to help. Book your appointment today.

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Sharon Brucker, CPA Senior Tax Research Analyst Published on: August 13, 2025
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*This content is for general informational purposes only. It is not intended to be comprehensive and should not be construed as professional tax or financial advice for any specific individual tax situation. Taxpayers should always consult a qualified professional for individual guidance. This information constitutes a solicitation under the Treasury Department's Circular 230. Most offices are independently owned and operated.