IRS agrees to let California couple deduct full mortgage interest

IRS agrees to let California couple deduct full mortgage interest

Unmarried taxpayers who co-own a home received a gift from the IRS recently when it acquiesced in the Ninth Circuit’s decision, concluding that the mortgage interest limitation applies on a “per-taxpayer” basis, rather than on a “per-residence” basis. Typically, the maximum mortgage amount you can claim interest on is $1 million on first or second […]