Home Mortgage Interest

Home Mortgage Interest

The interest paid on a loan securing one's primary residence. This excludes interest paid on investment properties and most vacation homes. In the United States, one may reduce one's taxable income by the amount one pays in interest on all eligible mortgages. There are some limits to the mortgage interest deduction. For example, one may only deduct interest on the first $1,000,000 worth of mortgages, aggregated with other home debt. However, most homeowners can deduct all of their mortgage interest.
References in periodicals archive ?
They claimed a home mortgage interest deduction, limited to interest on $1.
Further examination of the expenses reveal Mr Lewis and his wife claimed a total of pounds 13,176 for second home mortgage interest.
Given the current values of LIBOR (the London Interbank Offered Rate) and the one-year Treasury bill, the indexes typically used to derive home mortgage interest rates, the adjustment "might even be lower in terms of rate than what they currently have," Barnhart said.
Extending the tax deduction for home mortgage interest payments to mortgage insurance payments will significantly contribute to making the American dream of owning a home come true for many more of our citizens," Ryan said.
These modifications enable the Specter plan to retain modest deductions for charitable contributions and home mortgage interest.
When asked about their reasons for deciding to buy a home, for example, 17 percent of African Americans cite the benefits of an improved tax situation and the home mortgage interest deduction, compared with 7 per cent of Hispanics [ILLUSTRATION FOR FIGURE 11 OMITTED].
Taxpayers claimed the home mortgage interest deduction on their 1992 return for the mortgage interest paid, and the Court sustained the deduction under Reg.
Consumers are paying thousands in unnecessary home mortgage interest by taking out no-points loans, according to executives from Manhattan-based Skyscraper Mortgage Company, one of the largest mortgage brokerage firms in the nation.
Limbaugh, for example, preaches a small-government message to an audience that zealously protects its slices of the federal pie--Social Security, Medicare, home mortgage interest deductions, veterans' benefits, civil service pensions, what have you--that add up to big government.
Clearly, voters have a very strong connection to the home mortgage interest deduction and are not likely to respond well to efforts to reduce or eliminate it.
Home mortgage interest and charitable donations, for instance, are deductible on both federal and state income tax returns.
At the same time, however, popular exemptions and tax breaks - such as the deduction for home mortgage interest payments - do have a major impact on state and local budgets, and represent revenue that has to be recouped by other, higher taxes.