Mortgage Interest Deduction: Is Mortgage Interest Tax Deductible?
(They are all applied to the home equity debt, reducing it to $10,000 [$20,000 − $10,000].) The monthly balances of the home acquisition debt total $1,800,000 ($180,000 × 10). Therefore, the average balance of the home acquisition debt for 2023 was $150,000 ($1,800,000 ÷ 12). Complete lines 1, 2, https://turbo-tax.org/ and 7 of Table 1 by including the separate average …