San Diego Homes » Sellers » Home Selling Questions » Tax Considerations » Explain the home mortgage deduction . . » Current page
Explain the home mortgage deduction . .
The mortgage interest deduction entitles you to completely deduct the interest on your home loan for the year in which you paid it. Mortgage interest is not a dollar-for-dollar tax cut; it reduces taxable income. You must itemize deductions in order to do this, which means your total deductions must exceed the IRS's standard deduction.
Another point to remember is that the amount of interest on your loan goes down each year you pay on your mortgage (all standard home-loan formulas pay off interest first before significantly paying into principal). That's why paying extra on your principal every year can help you pay off your loan early.
Tips and Questions
Are the costs of a natural disaster deductible?
What is the Mortgage Credit Certificate program?
Are taxes on second homes deductible?
What home-buying costs are deductible?
How do you choose between buying and renting?
Should I buy a vacation home?
Are there tax credits for first-time home buyers?
Are seller-paid points deductible?
Can you deduct the cost of home improvements?
How do I save on taxes?
What are the rules on capital gains when inheriting a house?
When is the best time to buy?
What are the rules for mortgage credit certificates?
Can I deduct the loss I suffered when I sold my home?
Are points deductible?
Where do I get information on IRS publications?
How do I reach the IRS?
What tax benefits are there to homeowners?
How are fees and assessments figured in a homeowners association?
MLS Number QUICK SEARCH
Have a question? Comment?
Have a question?
Ask a Question and get a fast Response!
Ask a Question and get a fast Response!
SAN DIEGO COMMUNITIES
Alpine Bonita Bonsall Borrego Springs Boulevard Cardiff By The Sea Carmel Valley Carlsbad Chula Vista Coronado Del Mar Downtown Dulzura El Cajon Encinitas Fallbrook Hillcrest Imperial Beach Jacumba Jamul Julian Lakeside La Jolla La Mesa Lemon Grove Lincoln Acres Mount Laguna National City Oceanside Pacific Beach Pala Palomar Mountain Pauma Valley Pine Valley Point Loma Potrero Poway Ramona Ranchita Rancho Santa Fe Santaluz Solana Beach
SAN DIEGO REAL ESTATE
Search For Real Estate, In San Diego County, Free Access to the Entire MLS Get Started Now...
MORTGAGE RESOURCES
ARE YOU WORKING WITH A REALTOR?
Have a real estate question?
Call or Email Carlos
Carlos M. Aguilar
Axia Real Estate Group, Inc.
1450 Frazee Rd. Suite 301
San Diego, CA 92108
(888) 317-1496
carlos [at] teamaguilar.com
Call or Email Carlos
Carlos M. Aguilar
Axia Real Estate Group, Inc.
1450 Frazee Rd. Suite 301
San Diego, CA 92108
(888) 317-1496
carlos [at] teamaguilar.com
