IRS mortgage interest deduction–upper income limit?
Is there an upper income limit to being able to deduct mortgage interest on your taxes? (I heard a rumor that if you and your spouse make over $350,000, then you can’t deduct the interest)
Mortgage interest is deducted on Schedule A. If your joint adjusted gross income exceeds $156,000 (for 2007, may be slightly higher for 2008), then your Schedule A deductions are reduced.
The maximum reduction is 20% of your Schedule A deductions.
See the worksheet for the computation in the Instructions to Schedule A.
http://www.irs.gov/pub/irs-pdf/i1040sa.pdf
Home Mortgage Interest Income Tax Deduction 2011, 2012
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