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IRS Cuts Luxury Homeowners A Mortgage Break
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IRS Cuts Luxury Homeowners A Mortgage Break

Alex Carter

The Internal Revenue Service has delivered a valuable gift to those with $1 million-plus mortgages on their mansions. In an internal legal memo released publicly this month, the IRS concluded that a taxpayer can deduct interest on the first $1.1 million of a home mortgage–$100,000 more than earlier legal findings allowed. The ruling is a boon to the 137,670 taxpayers who, according to First American CoreLogic, a mortgage data firm, have mortgage balances above $1 million. – from Forbes



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