Home loan interest tax benefit
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Tax deduction on home loan interest section 24.
Tax season is officially here, and millions of Americans are now preparing to file their taxes for the income they earned in 2024.
Home loan tax benefit calculator
If you own a home, the mortgage interest deduction could reduce your tax liability — which could be especially useful given today's high mortgage interest rates environment. But if you want to take advantage of this opportunity to lower your tax burden, understanding if and how you qualify is key.
Recent changes have reshaped how this tax deduction works.
So, we asked tax and financial experts to answer common questions about claiming and making the most of it. Here's what they want you to know.
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How does the mortgage interest tax deduction work?
Experts explain
"The government is subsidizing the purchase of your home by allowing you to deduct your mortgage interest payments," says Adam Brewer, tax controversy attorney at AB Tax Law.
According to Lupe Valdivia, CEO of West Coast Tax Service, you can write off part of your mortgage interest and property taxes.
First-time homebuy
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