The mortgage interest tax deduction allows taxpayers to deduct from their taxable income the amount of interest they paid for the year on up to $750,000 of their home loan debt.

You can deduct the interest you paid on the first $750,000 of your mortgage. For married couples filing separately, the limit is $375,000, If you took out your mortgage between Oct. 13, 1987, and ...

The bill, which is headed back to the House for approval, has a provision for a tax deduction on car loans, but only for ...

Those uses won't qualify, so be careful in your approach (and what you use to justify a tax deduction). "Interest on home equity loans and lines of credit are deductible only if the borrowed funds ...

As tax season rolls around, you may have a number of questions on your mind — including whether your mortgage interest is tax deductible in 2025. The short answer is yes, but whether or not you… ...

Senate Republicans passed changes to the federal deduction for state and local taxes, known as SALT. Here's how the SALT ...

Learn about tax deductions, what you can deduct, and how deductions work to lower your taxable income. Maximize your tax savings with our comprehensive guide. ... Student loan interest deduction.

Here's an example of a mortgage interest tax deduction in action: Say you paid $20,000 in interest on your mortgage in 2024. If your yearly salary is $120,000, ...

For tax year 2024, the interest deduction starts phasing out if your MAGI is between $80,000 and $95,000 (or $165,000 to $195,000 if filing jointly). If it's $95,000 or above ($195,000 if filing ...

In most cases, personal loan interest is not tax deductible. This is because you can't deduct personal expenses on your income taxes, Babener says.

"Based on IRS Statistics of Income (SOI), in 2022 a total of 3,982,018 federal income tax returns claimed the student loan interest deduction, representing a total deduction of $3,860,127,000 ...