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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Some California taxpayers who file paper returns may understate their home mortgage interest deductions because of an error on a printed California tax form.
FTB: error on state tax form
The $1,000,000 cap on home mortgage interest deductions keeps the wealthy from lowering their effective tax rate to AMT territory.
Taming the 'fat cat': navigating the Alternative Minimum Tax
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.
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What Will Rogers could teach the age of Limbaugh
Some of the changes under discussion include bringing back a reduced capital gains tax, further limiting home mortgage interest deductions, and raising the tax rates.
Taxes in the 1990's

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