Tag Archives: income tax and mortgage interest deduction

Understanding the Mortgage Interest Deduction

What to Know About Mortgage Interest Deduction Mortgage interest paid on your principal residence is deductible today. This is as it was in 1913 when 16th amendment allowed personal income tax. The 2017 Tax Cut and Jobs Act reduces the maximum amount of acquisition debt from $1,000,000 to $750,000. Acquisition debt is the amount of […]