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Can You Deduct Mortgage Interest on Your Taxes?

how much mortgage interest can i deduct

The IRS generally allows you to deduct all of the mortgage interest paid on your home loans.

Mortgage Payments

In the majority of cases, mortgage payments are composed of at least two parts. The first, of course, is the payment on the principal balance. Gradually, the payments you make will whittle that principal down to nothing. But money's never free, and there's normally a cost to borrow it. That's where interest comes in. As you pay the principal down, the less interest is charged to each monthly payment.


The federal government has a longstanding set of policies aimed at encouraging home ownership. One of the principal methods it employs to encourage demand for homes is through the deduction on mortgage interest. In fact, it's probably the most popular deduction

among the relative few that the IRS authorizes in almost every case of home ownership. In some cases, the deduction has helped close a home sale, all other things being equal.

Taking the Deduction

Time Frame

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