If you’re looking to save some money when you file your income taxes this year, you might consider how your property can benefit you. There are several deductions homeowners can use to their advantage, one of which is the mortgage interest deduction.
Use the links below to navigate throughout the article, or read end to end for a more holistic overview of the mortgage interest deduction:
- What Is A Mortgage Interest Deduction?
- What Is The Limit On The Mortgage Interest Deduction?
- Am I Eligible For The Mortgage Interest Deduction?
- How To Claim The Mortgage Interest Deduction
- Key Takeaways
What Is A Mortgage Interest Deduction?
A mortgage interest deduction is a federal tax deduction that subtracts interest paid on a loan that was used to buy, build, or renovate a residential property from a taxpayer’s taxable income. When your taxable income decreases, so does the amount of money you can … Read the rest