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Prior to the Tax Cuts and Jobs Act, the limit for mortgage interest deduction was $1 million. In 2022, however, the limit dropped to $750,000, meaning that this tax year, married couples filing together and single filers can deduct the interest as high as $750,000.
Only the interest portion of the mortgage is deductible, and the interest is only deductible in the original term of the loan. If a lump sum amount was paid to reduce the interest rate on a mortgage, only a pro-rated portion of that lump sum is deductible in the tax year it was paid.
Claiming the mortgage interest deduction You cannot claim a mortgage interest deduction unless you itemize your deductions. This requires you to use Form 1040 to file your taxes, and Schedule A to report your itemized expenses.
The mortgage interest deduction allows you to reduce your taxable income by the amount of money youve paid in mortgage interest during the year. So if you have a mortgage, keep good records the interest youre paying on your home loan could help cut your tax bill.
The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and isnt deductible.
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