Taking a jumbo loan because you think it will provide you a significant tax break is not typically advised. As of 2017, there’s a limit on the amount of deduction you can claim from a mortgage. Prior to 2017, all of your mortgage interest could be deducted. Now, however, you can only deduct interest for up to $750,000 of your mortgage debt. This may still seem like a lot, but you have to put it into perspective. For example, if you take out a two million dollar mortgage and accrue $80,000 of interest in a year, you can only claim $30,000 on your taxes.