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Mortgage interest deduction: what to know for tax season

Photo by Kelly Sikkema on Unsplash

Bankrate | Erik J. Martin

Buying a home has never been more expensive, but if you can find one you can afford, there’s some good news after you move in: You might be able to take advantage of the mortgage interest deduction to lower your tax bill.

IRS rules regarding the mortgage interest deduction can be very complicated, however. As you look ahead to tax season, here’s a guide to help you understand what interest qualifies for the deduction and how you can benefit if you’re eligible.

What is the mortgage interest deduction?

If you have a home loan, the mortgage interest deduction might allow you to reduce your taxable income by the amount of interest paid on the loan during the year, along with some other expenses such as mortgage insurance premiums and points.

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