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Mortgage interest limits
Client purchased a home in Feb 2018 for $1.8 million, putting $200,000 down leaving a mortgage of $1.6 million. In October he sold his previous home, netting $950,000 all of which he used to pay down the new mortgage--leaving him with a year-end mortgage balance of $650,000. Do I have to apportion his interest for the months the balance was over $750,000?...
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