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How much interest and property tax can I deduct, and how many years back can I claim them?
You can only claim the interest and property tax you paid this year as a deduction on this year's return. You’ll claim these as itemized deductions on Schedule A.
The mortgage interest deduction for home acquisition debt is limited to the interest on $1 million. The limit is $500,000 for married filing separately. Home acquisition debt is a mortgage taken out after Oct. 13, 1987, on a qualified home to:
The mortgage interest deduction for home equity debt is limited to the interest on the lesser of these: