Question

For which home would the taxpayer be able to fully deduct mortgage interest as of 2018?

Answer 1

As of 2018, taxpayers can fully deduct mortgage interest on their primary residence and a second home, as long as the loans used to purchase or improve the homes have a combined value of up to $750,000 (or $375,000 if married filing separately). This means that the taxpayer can deduct mortgage interest for a primary residence and a second home as long as the loans on both properties do not exceed the specified limits. It's important to note that any loans beyond these limits may result in a partial deduction or no deduction at all for mortgage interest.