The limitation is the amount of interest you pay on up to 1.1 million of loan amount. So if your loan is 2.2 mill you can only deduct 50% . the one million number is misleading.
I don’t like to say never with congress because they do the stupidest things but the likelihood of reducing the deduction for mortgage interest helping the economy in these times… well it can’t be good. IMHO they would have to be very crazy to make that kind of change. However many would argue that during the last few weeks they have sufficiently proved how crazy they are.
Generally I try not to focus on these what if’s. I don’t won’t to be as crazy as Congress.
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