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When can you deduct the interest on your mortgage to lower your income tax amount? There are allowable deductions for mortgage interest, but the federal income tax law is riddled with complex definitions.
Sometimes, it can go over your head. But it does not need to be that complicated. Here's a simple primer on deducting your mortgage interest.
"Qualified residence interest" is deductible. But what does that mean?
Type of loan: There are generally two types of loans whose interest you can deduct under federal income tax law.
Amount of loan: The debt from the loans must be under a certain amount in order to deduct the interest.
Type of home: The residence subject to the loan must be a "qualified residence." This means that it must be:
There are several other requirements in order to deduct mortgage interest under these allowable tax deductions.
Other Posts in the TaxSavvy series:
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.
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