From NAR
Homeowners may reduce their taxable income by deducting interest paid on qualifying home loans. This benefit, outlined in NAR’s Consumer Guide, can lead to significant tax savings.
Key Points:
- Eligibility – Must itemize deductions; applies to mortgages up to $750,000 on a primary or secondary home.
- Qualifying Loans – Includes loans used to buy, build, or improve a home.
- Deduction Amount – Based on loan size and interest paid (check Form 1098 from your lender).
Knowing how this deduction works can help clients make smarter mortgage and tax decisions.
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