Mortgage interest deduction


Also found in: Acronyms.

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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Second, unlike the mortgage interest deduction, which is effective until the end of 2025 (and likely beyond), the mortgage insurance deduction must be extended by Congress on a yearly basis.
Homeownership After the Tax Cuts and Jobs Act: Making the Most of the Mortgage Interest Deduction
Beyond tweaking the mortgage interest deduction and state and local tax deduction, the GOP tax bill also doubles the size of the standard deduction to $24,000 for a married couple.
US house prices likely to slow down as tax bill reshapes economy, analysts say
In addition, California could get hit hard by changes to the mortgage interest deduction: (https://capitalandmain.com/how-the-gop-tax-bill-would-hurt-californians-1130) Capital and Main reports that the House-passed version of the bill creates a $500,000 cap on the amount of mortgage interest that can be deducted - a "revision would disproportionately hit residents of states with high real estate values, like California, where finding a home under $500,000 in most urban markets is very difficult."
California And Illinois Republicans Could Face Pressure To Rewrite Final Tax Bill
* The mortgage interest deduction on existing mortgages would remain the same; for residences purchased after Nov.
Tax Reform Legislation: Highlights
* Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for new mortgages up to $500,000.
House Passes GOP Tax Reform Bill
Senate Republicans are also expected to increase the threshold for the popular mortgage interest deduction to $1 million, a substantial increase over the House, which lowered the cap to the first $500,000 of a mortgage.
US Senate Set for Clash with House on Tax Bill
The mortgage interest deduction for newly purchased homes would be available on mortgage debt up to $500,000, down from the $1 million currently allowed.
CRACKING THE CODE: How proposed tax reform might affect the valuation profession and the real estate industry
The mortgage interest deduction factors into some home buyers' budgets when they are deciding how much they can spend on a house.
Think before eliminating
Critics often lambast the home mortgage interest deduction, for instance, for flowing primarily to infra-marginal home purchasers rather than those at the margin between buying and renting.
Virtue's reward: a (qualified) defense of infra-marginal tax subsidies
I hate the mortgage interest deduction (MID) and I never tire of telling people why.
Defending the indefensible mortgage interest deduction
And later, in the debate televised on the Fox Business Network, he defended the idea of eliminating the normally sacrosanct mortgage interest deduction (MID) by pointing out that "people had homes before" the benefit was added to the tax code.
Mid could be MIA
Home owners get the mortgage interest deduction. Parents get the child tax credit.
The tax revolt, RIP?

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