The largest tax deduction most people can claim on any type of mortgage is on the interest paid on the loan.
In most cases, mortgage refinance interest is tax-deductible, which means you can take it off your taxable income for that tax year.
But there are rules that apply.
Rules for Making Tax Deductions on
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The Tax Cuts and Jobs Act (TCJA) completely changed the US tax system. The last such change of this magnitude happened more than thirty years ago. Millions of Americans are now left wondering what they’re entitled to and which deductions are still valid.
One of the most widely taken deductions is the deduction for mortgage … Read the rest
Homeowners are usually well informed about the home-related tax deductions that they can make at filing time. However, when purchasing a home, other costs can quickly accumulate. For buyers who can’t come up with a 20% down payment on the purchase price, they will have the added cost of private mortgage insurance (PMI).
The … Read the rest