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Tax Glossary: Mortgage Interest

Posted by McDonald & Osborne Posted on Oct 13 2015

Mortgage Interest : A term often used to refer to deductible interest paid on debt that qualifies as acquisition indebtedness or home-equity debt. Interest on up to $1 million of debt used to buy or build your principal residence or second home can be deducted; in addition, interest on up to $100,000 borrowing via a home-equity loan or line of credit can be deducted, regardless of how you use the money.