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What is the Mortgage Interest Deduction?
What is the Mortgage Interest Deduction?
The Mortgage Interest Deduction is a US tax benefit allowing homeowners to deduct the interest paid on their mortgage from taxable income. This deduction is available for primary residences and can be applied to mortgages up to a specific limit. The limit for the mortgage interest deduction changes and is subject to IRS tax rules.
Mortgage interest deduction allows taxpayers to write
off the interest they pay on their home loans each year, for annual incomes up to $750,000 for
couples filing jointly and $375,000 for those married and filing separately.
To be eligible for the mortgage interest deduction, the borrower must be the legal owner of the property and must use the property as their primary residence.
Why do we use the Mortgage Interest Deduction?
The mortgage interest deduction is a homeowner benefit. It allows taxpayers itemizing their expense deductions to deduct the interest paid on their mortgage from taxable income. The mortgage interest deduction can result in a lower total tax bill for the taxpayer.
The mortgage interest deduction is available to those who itemize their interest expense deductions.
The Tax Cuts and Jobs Act of 2017Â limited the total mortgage debt amount that can be deducted to $750,000 for new mortgages.
Where does it come from?
The deductible amount is capped at the net taxable income for the year. Other deductions for mortgage insurance premiums and other mortgage-related expenses could also be available.
Contact Steve Silver at Silver Mortgage, at 1-800-920-5720.
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