On Wednesday, May 3, 2023 at 11:11:34 AM UTC-4, D L wrote:
If the conforming mortgage loan limit is increased to $1,089,300, is the interest on this loan 100% tax deductible for a primary residence?
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No. The IRS limit on acqusition debt is currently $750K. Any interest on acquisition debt above this amount is not deductible. The deductibility has no relationship to what the FHFA decides is the limit that Fannie Mae or Freddie Mac can buy.
Ira Smilovitz, EA
Leonia, NJ
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