Here the most up to date information on your homeowners mortgage interest deductions for you to take advantage of that can be documented on your “Schedule A” of your Federal Tax Returns. Please do not forget a “home” {that is secured by your mortgage} may be a house, a trailer, or a boat-as long as you can sleep in it, cook in it & it has a toilet.
1. Interest on a mortgage that is charged ($1.0m or $500.0k if married filing separately)is deductible if the loan is used to buy, build, or improve a residence. A second mortgage, including a home equity loan or line of credit, to improve your current residence or to purchase a second home, that will be included towards the $1.0m cap.
2. If loans secured by your residence, including sending a child to college, you may still deduct the interest on these secured loans up to $100.0k ($50.0k if married filing separately) because your home (your collateral) is securing the loan.
Please check back soon: My next “Tax Tip For The Homeowner’ will cover ‘Private Mortgage Insurance (PMI) & Federal Housing Association (FHA) Mortgage Insurance Premiums
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