all of the following statements are true regarding the home mortgage interest deduction except. the mortgage must have been used to buy,build,or improve the taxpayer's home. the interest paid on the first 750000(375000 for mfs filers) of qualified home mortgage debt is fully deductible. the 75000(375000 for mfs filers) home mortgage limit applies to refinancing a qualified mortgage from 2017.home equity debt will be eligible if it is qualifying acquisition debt and does not exceed the 750000(375000 for mfs filers) home mortgage limit when combined with all other mortgage debt.