Can I write off mortgage interest?

Mortgage interest is generally tax-deductible, but there are limitations. If you're filing as a single or married filing jointly, you can deduct interest on up to $750,000 of mortgage debt for a home purchased after December 15, 2017. If the home was purchased before this date, the limit is $1 million. This includes both your primary residence and a second home. However, if you're using the home for rental purposes, different rules apply. Also, you must itemize your deductions to take advantage of this tax benefit. If your standard deduction is higher than your itemized deductions, it may not be beneficial to write off your mortgage interest.