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 ...

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… ...

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 ...

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.

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 a marked political win for President Donald J. Trump and his Administration, H.R. 1, the One Big Beautiful Bill Act, ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed ...