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Understanding the Rules for Deducting Home Mortgage Interest
  • Posted by Jordan Blakley
  • 04/15/2014
  • taxes
 Understanding the Rules for Deducting Home Mortgage Interest

The IRS's home mortgage interest deduction is one of the most valuable tax write-offs for American families. While its effect can vary depending on your income, other deductions, and your mortgage, it's likely that it will reduce your annual tax costs by thousands of dollars. Claiming it is relatively simple for most people, as long as you follow the IRS's rules.


Tax Time - Deducting the Expenses of Owning a Home
  • Posted by Jordan Blakley
  • 04/05/2014
  • taxes
 Tax Time - Deducting the Expenses of Owning a Home

According to a 2009 paper from the National Association of Home Builders, a relatively typical American household taking out a typical mortgage can save around $8,600 on taxes in the first five years of homeownership. While you might know that you can write off your mortgage interest, this deduction is one of many that you may be eligible to claim. While laws vary and your situation may be different, here are some of the many expenses that might be deductible for your home.