Seattle, WA · Member since 2012 · 14 posts · 0 votes
I own three income properties in other states(WA). It was cash purchases. I'm planning to apply for mortgage for the fourth home as primary residence(CA), Will I be able to have mortgage interest deductible since it will be my primary residence? I have always lived in CA and currently renting an apartment. Thank you!
Arlington, VA · Member since 2013 · 11 posts · 4 votes
10y
Yes, but keep in mind that if your mortgage acquisition indebtedness exceeds $1 million and/or you have a HELOC is in excess of $100k, you may be limited in the amount you can deduct. Basically, the IRS puts a cap on the amount of interest you can claim, based upon your total indebtedness on your personal residences.