Home Mortgage Interest Deduction

The Home Mortgage Interest Deduction is a tax benefit that allows homeowners to deduct interest paid on their mortgage from their taxable income. This means if you have a mortgage, you can reduce the amount of income that is subject to federal income tax by the interest portion of your monthly payments. This deduction can make homeownership more affordable by lowering your tax burden, thus potentially increasing the overall financial advantages of owning a home. However, there are limits and requirements, so it's important to understand eligibility rules to take full advantage of the benefit.