This assumes the combined balances of acquisition debt and home equity do not exceed the home's fair market value at the time you take out the home equity debt. (turbotax.intuit.com)
She explained that you may deduct interest on up to $ 1 million in home acquisition debt for your primary home and a vacation home. (turbotax.intuit.com)
Previously, a homeowner was able to deduct mortgage interest paid on the first $ 1 million of acquisition debt, plus interest on up to $ 100,000 of home equity debt. (cpapracticeadvisor.com)