are mortgage intere

Mortgage Interest Deduction in California: Key Considerations

### 4. Understanding Interest-Only Mortgages More details https://tradeprofinances.com/mortgage/is-mortgage-interest-tax-deductible-in-california/ * **Debt for a rental property**: Interest on loans for rental properties is not deductible on your federal income tax return. Home equity loans are typically not deductible for state income tax purposes unless they are used for specific purposes like home improvements or medical expenses. Consult with a tax professional to confirm if your specific home equity loan qualifies for any deductions. * **Loan Amount:** The maximum amount of debt eligible for the interest deduction is generally $750,000 for loans taken out after December 15, 2017. Loans taken out before that date might have a higher limit, so consult with a tax professional to be sure. * **Debt for a rental property**: Interest on loans for rental properties is not deductible on your federal income tax return. 3. **Identify Home Equity Debt:** Identify any loans that qualify as home equity debt, keeping in mind the $100,000 limit.