Mortgage interest deduction 2015

The mortgage interest deduction allows you to reduce your taxable income by the amount of interest paid on your home loan during the previous year, which can add up to significant savings come tax time. Subtract the amount on line from the amount on line 13. This is your deductible home mortgage interest.

Calculating the Mortgage Interest Tax Deduction Aug 1 20Using our 10mortgage interest example, a married couple in the tax bracket would get a 24standard deduction, which is worth 8in reduced tax payments. For tax years prior to 201 the maximum amount of debt eligible for the deduction was million. Why Your Mortgage Interest Tax Deduction Doesnapost Really.

Enter this amount on Schedule A (Form 10or 1040-SR) 15.

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Calculating the Mortgage Interest Tax Deduction

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Publication 9(20Home Mortgage Interest Deduction)

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