Own a Home? Here's How the Mortgage Interest Deduction Will Lower Our Tax Bill

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Own a Home? Here's How the Mortgage Interest Deduction Will Lower Our Tax Bill

//business-finance.news-articles.net/content/202 .. -interest-deduction-will-lower-our-tax-bill.html

Published in Business and Finance on Wednesday, March 12th 2025 at 16:01 GMT by CNET

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Like most filers, we usually take the standard deduction, but itemizing our taxes is saving us money this year.

2025-03-12 196 x 110 / 5327 Bytes

The article from CNET explains how the mortgage interest deduction can benefit homeowners by reducing their taxable income. It details that homeowners can deduct the interest paid on up to $750,000 of mortgage debt ($375,000 if married filing separately) for mortgages taken out after December 15, 2017. For older mortgages, the limit is $1 million ($500,000 if married filing separately). This deduction applies to the interest on loans used to buy, build, or improve the home, but not for home equity loans unless used for home improvements. The article also provides an example of how this deduction works: if a homeowner pays $12,000 in mortgage interest in a year and is in the 22% tax bracket, they could reduce their tax bill by $2,640. However, the actual tax savings depend on various factors including the homeowner's total income, other deductions, and the standard deduction, which might make itemizing less beneficial for some.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/own-a-home-heres-how-the-mortgage-interest-deduction-will-lower-our-tax-bill/ ]