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Disclaimer: tax professional and instuctor, but don't take what I say as absolute gospel.

Publication 17 has a nice discussion about this, with a reference to Pub. 936 for even more info.

Generally, mortgage interest is deductible except in the following situations:

1) Your home acquisition debt (incurred to buy, build or improve the home) is more than $1 million, or $500,000 married filing separately; or,

2) Your home equity debt (incurred for purposes other than to buy, build or improve) is more than $100,000 or $50,000 married filing separately.

If you do meet one of those situations, Pub 936 has the information on how to compute how much you can deduct.

Hope this answers the question.

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