mortgage interest deduction

The mortgage interest deduction allows homeowners to reduce their taxable income by the amount of interest paid on their mortgage loans. If you own a home and pay interest on your mortgage, you can report that interest on your tax return, which lowers the amount of income subject to taxes. This benefit encourages homeownership by making borrowing more affordable. However, rules and limits apply, such as on the loan amount and property type, so it's important to understand current IRS regulations or consult a tax professional to maximize this deduction while remaining compliant.