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Mortgage Interest Deduction
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In US federal taxation, the mortgage interest deduction is a deduction against gross income for interest paid on debt secured by a mortgage. The cap on the amount of principal for which interest paid can be claimed with the mortgage interest deduction is capped. This threshold for the mortgage interest deduction is currently in excess of one million dollars. The actual amount of interest that can be claimed under the mortgage interest deduction is unlimited. The mortgage interest deduction can be claimed for a single mortgage on one residence, a first mortgage and a junior mortgage, or even for the combination of mortgages on different residences. Investment property debt is not eligible for the mortgage interest deduction. The mortgage interest deduction is an important tax break that strongly favors homeownership.
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