For tax years 2018 through 2025, you can take a combined total deduction of $10,000 ($5,000 for married couples filing separately) for state and local income, sales, and property taxes.
Instead, you typically deduct them over the life of the loan. In general, you can't deduct the full amount of points in the year you pay them. You can deduct points associated with a home purchase mortgage. One point is equal to 1% of the total amount you mortgage.
The $1 million limit is scheduled to return in 2025. 15, 2017, you can deduct mortgage interest on the first $750,000 of the loan. 16, 2017, you can deduct mortgage interest payments on up to $1 million in loans used to buy, build, or improve your first or second home. Mortgage Interest: If you bought your home before Dec.
