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Mortgage Interest Deduction |
Also found in: Acronyms | 0.01 sec. |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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