The IRS has just increased the amount of mortgage interest some taxpayers can deduct on their primary residence. For the 137,670 taxpayers reporting mortgage loans on their home are in excess of $1,000,000 the IRS has just announced that these luxury home owners will now be able to deduct mortgage interest on primary residences up to $1,100,000.
Even better, these taxpayers can file amended tax returns for the past three years and claim thousands more in home loan mortgage interest refunds. Here is the full story as reported by Forbes Magazine.
Additional IRS Tax Guidelines are available directly from the IRS web site