The Mortgage Interest Deduction: Your Guide For The 2024 Tax Year
Author:
Lauren NowackiFeb 29, 2024
•10-minute read
There isn’t much about taxes that gets people excited – except maybe the topic of deductions. Tax deductions are qualifying expenses you can subtract from your taxable income, lowering the amount you owe in taxes.
For homeowners with a mortgage, the mortgage interest deduction is one of several homeowner tax deductions provided by the Internal Revenue Service (IRS). Learn more about this valuable deduction and how to claim it on your taxes this year.
What Is The Mortgage Interest Deduction?
The mortgage interest deduction is a tax incentive for homeowners. This itemized deduction allows homeowners to subtract mortgage interest from their taxable income, lowering