Deducting Mortgage Interest on Your Tax Return: What to Know

Deducting Mortgage Interest on Your Tax Return: What to Know

Homeownership isn’t just an American dream for some. It can also have tax benefits, one being mortgage interest deductions. However, not all homeowners can claim this tax deduction, and the rules can be complicated. For example, how much you can deduct may depend on when you bought your home and your filing status. Additionally, deducting mortgage interest is not the right choice for everyone.

Now that tax season has begun, here’s what you need to know about claiming the mortgage interest deduction on your federal income tax return.

What is mortgage interest deduction?

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