I’m trying to find more information about how the home mortgage interest deduction would work for a couple who is either unmarried or in a registered domestic partnership in California. If the loan is over $1 million and both partners are on the mortgage, I think both partners can deduct the interest up to $750,000? Or does each person only deduct what proportion they actually paid?
Second question: since the bulk of the interest is paid in the beginning years of the mortage, much of the benefit of this deduction is also in the first few years of the loan, correct? If the loan is refinanced at a later date, do the bulk of the payments during the first few years after refinancing again go mostly toward interest?
Bonus question: any recommendations for a tax/family attorney in California who might have experience with this?
Second question: since the bulk of the interest is paid in the beginning years of the mortage, much of the benefit of this deduction is also in the first few years of the loan, correct? If the loan is refinanced at a later date, do the bulk of the payments during the first few years after refinancing again go mostly toward interest?
Bonus question: any recommendations for a tax/family attorney in California who might have experience with this?
Statistics: Posted by lemon_lime — Sat Jun 22, 2024 6:19 pm — Replies 6 — Views 287