Mortgage interest deduction

(redirected from Home Mortgage Interest Deductions)

Mortgage interest deduction

A federal tax deduction for interest paid on a mortgage used to acquire, construct, or improve a residence.

Mortgage Interest Deduction

In the United States, a tax deduction on the interest paid on one's mortgage. That is, 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.
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These calculations isolate the effects of inflation indexing on standard deductions and reveal the declining tax-based economic incentives, or reductions of the tax shelter feature, of home mortgage interest deductions.
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.
Some California taxpayers who file paper returns may understate their home mortgage interest deductions because of an error on a printed California tax form.

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