James Greene
We specialize in helping first time homebuyers through the home buying process
11/26/2021
What is the mortgage interest deduction?
The mortgage interest deduction can be used to deduct mortgage interest on the first $1 million of mortgage debt. Homeowners can deduct interest on the first $750,000 of the mortgage if they bought a house after Dec. 15, 2017. Itemizing your tax return is required to claim the mortgage interest deduction.
If you paid mortgage interest during the year, the mortgage interest deduction will reduce your tax liability. If you have a mortgage, keep good records, the interest you pay could help you cut your tax bill.
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