A deduction for federal income taxes where all interest paid on a mortgage that was used to purchase, build, or renovate a personal residence can be included for tax purposes. The deduction was created as a way to encourage those who rent to become home owners. The theory behind the homeownership benefits is that it encourages the reduction of crime and the increase of good citizenship among homeowners.
Related information about home mortgage interest deduction:
- Home mortgage interest deduction - Wikipedia, the free encyclopedia
A home mortgage interest deduction allows taxpayers who own their homes to reduce their taxable income by the amount of interest paid on the loan which is ...
- 2011 Publication 936 - Internal Revenue Service
Dec 5, 2011 ... home mortgage interest deduction by your. You can fully deduct points in the year paid if you mortgage with a 15-year $100,000 mortgage ...
- Publication 936, Home Mortgage Interest Deduction
Aug 4, 2012 ... Publication 936, Home Mortgage Interest Deduction. This publication discusses the rules for deducting home mortgage interest. Part I contains ...
- Home mortgage interest deduction vulnerable - SFGate
Oct 26, 2012 ... The value of the home mortgage interest deduction to a taxpayer also depends on the taxpayer's income tax bracket. Instead of a deduction, ...
- Limitations on the Home Mortgage Interest Deduction
The amount of the home mortgage interest tax deduction may be limited. Learn about the limits for home acquisition debt and home equity debt. Plus, special ...
- Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny ...
3 days ago ... As President Obama and Congress scrape for ways to raise tax revenue without hurting middle-income families or pushing up rates, the ...
- Tax deduction for mortgage interest could be targeted - San Jose ...
Oct 12, 2012 ... "My judgment is it's better to do something about tax expenditures," Green said. " One of the largest is the home mortgage interest deduction." ...
- Home Mortgage Interest Deduction Limitations
Buying a home can offer a unique way to save money through tax-saving interest deductions. The interest deduction lowers the taxable income. Is there a limit to ...