I thought you might want to share this article with clients. The home mortgage interest deduction saves the average home owner thousands of dollars at tax time, supports home values at the community level, and helps American home buyers get into their first house.
Having a tax deduction for mortgage interest makes owning your home more affordable because the deduction lowers your taxes. That’s savings we can all use, especially the 37% of homeowners who spend more than 30% of their income for housing. Paying less for your mortgage gives you more money for savings and other household expenses.
Know your loan limits-A good place to check out what you can deduct before you borrow is the chart on page 3 of IRS Publication 936. It’ll walk you through the requirements you must meet to deduct all of your home loan interest.
I hope you found the article useful. Give me a call if you have any questions.