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 ...

Medical expenses can be a major tax deduction, but only if they go over 7.5% of your adjusted gross income, which is ...

However, in certain cases, interest may be taxed at the state level. For example, a California resident who buys a New York municipal bond would pay California income tax on that interest.

"Now it is becoming much more likely to have an impact on tax returns with interest making up a larger portion of every mortgage payment, especially in the early years after purchasing a home." ...

In most cases, personal loan interest ... wanted a $2,000 tax deduction that you didn't actually qualify for," says Paul Miller, a CPA and managing partner at Miller & Co. in New York.

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. To use this ...