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Mortgage Interest Deduction Not On Loan

Bankrate.com provides a FREE mortgage tax deduction calculator and other mortgage interest calculators to help consumers figure out how much interest is tax …

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 secured by …

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Mortgage Interest Tax DeductionsCalculating The Mortgage Interest Tax Deduction – The amount of money you save by paying your mortgage off quickly will far exceed any benefit from the mortgage interest tax deduction.

According to the IRS, the maximum mortgage amount you can claim interest on is $1,000,000 on first or second homes if the loan was taken after Oct 13, 1987.

The mortgage interest deduction may be the largest individual deduction available, but that doesn’t mean you’ll benefit significantly from it, if at all.

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