Be Tax Savvy Deducting Mortgage Interest
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? Acquisition indebtedness: You used that loan to buy the house, make significant improvements on it or construct it....