Deductions for Mortgage Interest

Deductions for mortgage interest allow homeowners to reduce their taxable income by the amount of interest they pay on their mortgage. If you itemize your tax deductions, you can deduct interest paid on mortgages for your primary residence and sometimes a second home. This deduction can lower your overall tax bill, making homeownership more affordable. However, there are limits, such as caps on the amount of mortgage debt eligible for the deduction. Always consult a tax professional to understand how this applies to your specific situation and to ensure compliance with current tax laws.