Definition
Tax deduction for mortgage interest paid on loans secured by primary or secondary residence.
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Homeowners can deduct mortgage interest on loans up to $750,000 (married) or $375,000 (single). Requires itemizing deductions. Significant tax benefit for many homeowners.
Pro Tip
Compare mortgage interest deduction to standard deduction; deduction must exceed standard deduction to benefit.
Example
Deducting $12,000 in mortgage interest paid during tax year on primary residence mortgage.