The new tax regime under Section 115BAC of the Income Tax Act offers lower tax rates in exchange for giving up most exemptions and deductions.

A question that most salaried taxpayers face is if they can claim both House Rent Allowance (HRA) and home loan interest ...

Mortgage interest tax deduction pros and cons to know. Below, Greene-Lewis, Leaman and Valdivia break down what makes this deduction valuable and where it falls short.

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

With the mortgage interest deduction (MID), you can write off a portion of the interest on your home loan, lowering your taxable income and potentially moving you into a lower tax bracket.