What Is a Mortgage Interest Rate Deduction?
Money Girl answers a reader question about mortgage interest rate deduction.
Reader Shaz wants to know:
What is a mortgage interest deduction and am I required to include it on my tax return?
ANSWER: The mortgage interest deduction is a tax benefit that’s offered to encourage homeownership.
Click here to watch my Mortgage Interest Deduction VIDEO!
No taxpayer is required to claim a tax deduction or credit that they’re entitled to. However, when a benefit can reduce your tax bill and save you money, it’s certainly wise to take it! The mortgage interest deduction is one of the best money-saving tax breaks out there.
Who Qualifies for the Mortgage Interest Deduction?
The interest you pay on a mortgage or a home equity line of credit (HELOC) for your primary residence or a second home can be deducted from your income when the following 2 conditions are met: Read More »