IRS Raises Ceiling for Tax Deductions on Luxury Home Loans

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The limit for the deduction of interest on a home mortgage which used to be $1 million has been raised to $1.1 million. This means if you have a home loan of $1.1 million your interest can be deducted as a tax break. Naturally, this would be welcomed by home owners of luxury homes such as the ‘Signature Collection’ homes built by the Toll Brothers.

The IRS had actually issued a memo on this matter last year stating that homeowners could save up to $3,000 by claiming thousands of dollars in refunds simply by submitting an amended tax return. However, at that time it was not offcial but not it is.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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