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Baum, Smith & Clemens, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
2060 Detwiler Road, Suite 125, Harleysville, PA 19438
Phone: 215-368-5755
Fax: 215-368-7038
Email: info@bsccpas.com
Website: www.bsccpas.com
July 2026
Mortgage Interest Deduction
Married taxpayers filing jointly may deduct interest on a mortgage of up to $750,000 in principal. The deduction is limited to half for married filing separate taxpayers. Interest on home equity loans, home equity lines of credit (HELOCs), and second mortgages may be deducted only when used to buy, build, or substantially improve the taxpayer's primary or secondary qualified residence that secures the loan, subject to limits.
In 2026, OBBBA may allow you to deduct qualified mortgage insurance premiums for home acquisition debt (for policies issued after 2006). This deduction is treated as part of your qualified residence interest deduction and phases out between $100,000 and $110,000 AGI or $50,000 to $55,000 married filing separately. Talk with your tax professional to see if this deduction applies to your situation.
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