Interest Paid
- When you buy a house, you likely took out a loan called a mortgage to pay for it because you could not afford to pay the price in cash. The interest that you pay on the first $1 million of your mortgage debt, or the first $500,000 if married filing separately, can be deducted from your income taxes. If your mortgage amount is less than the limit for your filing status, you can deduct the entire amount of interest paid.
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