Save the Mortgage Interest Deduction

Buying a home can save you 10s of thousands of dollars in tax payments. Use this calculator to find out how much your deductions are. current mortgage rates are shown beneath the calculator.. 2018 Changes to Mortgage Interest Income Tax Deduction

Paying mortgage interest doesn’t help your bottom line, but knowing the rules for claiming a tax deduction for the interest paid could help. If you don’t know the rules, you could be paying extra in taxes. The deduction can even apply to a vacation home that meets the qualifications.

If you’re thinking of buying a home this year, a mortgage interest deduction could help you save on your taxes.. The Internal Revenue Service (IRS) offers some very attractive tax deductions for homeowners with a mortgage. This is especially valuable in the first few years of homeownership, when the amount paid in interest can seem high compared with what you pay toward principal.

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You might be able to use the mortgage interest deduction to save on your tax return if you itemize and follow a few other guidelines. Here's what to know.

This tax saving technique works if you are able to deduct the interest you pay on your mortgage AND deduct the contributions to tax-deductible retirement.

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Deductible mortgage interest is any interest you pay on a loan secured by a main home or second home that was used to buy, build, or substantially improve your home. For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million.

Meet the new mortgage-interest deduction. It’s smaller and much more concentrated among high-income households. In 2018, the deduction will save taxpayers $25 billion, down from $60 billion in 2017,

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Otherwise, you’ll save more tax dollars by skipping the home mortgage interest deduction and claiming the standard deduction instead. As of the 2019 tax year, the standard deduction is $12,200 for single taxpayers and married taxpayers who filed separate returns, up from $12,000 in the 2018 tax year.

But there's one large group that can keep the Mortgage Interest Deduction 100% – investors in single family homes and condos.

You might be able to use the mortgage interest deduction to save on your tax return if you itemize and follow a few other guidelines. Here’s what to know.

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5 Reasons to Keep the Mortgage Interest Deduction. By Bryan Dornan. Views: 472. bryan dornan. refi guide Founder. Most homeowners know that the US.