Limit on home mortgage interest

If you took out any mortgages after October 13, 1987, your deduction may be limited. If you borrowed any additional amounts after October 13, 1987, on a line-of-credit mortgage you had on that date, see Refinanced mortgages below.

For information on calculating your New York itemized deduction if either of the following applies, see Itemized deductions and review the 2017 federal Schedule A instructions. If you had more than one home at the same time, the dollar amounts below apply to the total mortgages on both homes.

You, or your spouse if filing jointly, took out any mortgages after October 13, 1987, and used the proceeds for purposes other than to buy, build, or improve your home, and all of these mortgages totaled over $100,000 at any time during 2023. The limit is $50,000 if married filing separately. An example of this type of mortgage is a home equity loan used to pay off credit card bills, buy a car, or pay tuition.

You, or your spouse if filing jointly, took out any mortgages after October 13, 1987, and used the proceeds to buy, build, or improve your home, and these mortgages plus any mortgages you took out on or before October 13, 1987, totaled over $1 million at any time during 2023. The limit is $500,000 if married filing separately.

If the total amount of all mortgages is more than the fair market value (FMV) of the home, additional limits apply.