Deducting Your Mortgage Interest
Deducting Your Mortgage Interest
One of the best justifications for owning a home, at least for financial
reasons, is the tax savings that result from deducting mortgage interest. The
deduction for mortgage interest stands as one of the few remaining tax deductions
for the typical middle class taxpayer. Despite the changes to the tax code over
the past several years and the repeal and limitation of many non-housing
itemized deductions, mortgage interest is still deductible. On first and second
mortgages and home equity lines of credit (with some limitations) for first and
second homes, your mortgage interest deduction is still a good financial
incentive to buy a home. Click Here for the PDF.
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