Determining mortgage interest deduction

Reference no: EM1334183

Sue owns a home in Arizona and in New York. She spends winters in Arizona and summers in New York. She also has a houseboat in Hawaii. All of these are her personal residences and none are rented. All of the properties have mortgages on which she pays interest.

What are the limits, if any, on the deductibility of the mortgage interest? Is the deduction for AGI or from AGI? When a taxpayer has loans that exceed the limits for deductibility, how is the amount of deductible interest expense determined?

Reference no: EM1334183

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