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

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

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 ...

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 ...

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 ...

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.

Real estate (property) taxes — Both state and local real estate taxes paid on your home can be tax deductible. This deduction is limited to $10,000 per year, or $5,000 if married filing separately.

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… ...

"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 ...

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 ...

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, ...