The One Big Beautiful Bill Act (OBBBA) makes permanent the TCJA provision that limits itemized deductions for home mortgage interest (so-called qualified residence interest) to interest on the first $750,000 of your total home acquisition debt, or $375,000 if you use married filing separately status.
Home acquisition debt is from mortgage loans taken out to acquire or improve your principal residence and to acquire or improve one other residence, such as a vacation home.
Thanks to another unfavorable TCJA provision that ... Log in to view full article.