Mortgage Interest Deduction
Definition of "Mortgage interest deduction"
Tax deduction for interest paid or accrued within the taxable year with respect to mortgage indebtedness. Interest is deductible on mortgages secured by principal and second homes. A taxpayer may not write off interest on any part of the mortgage that exceeds the original purchase price plus improvements of property, unless the taxpayer uses the money for medical or educational purposes.
Popular Real Estate Terms
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
The meaning of undue influence revolves around a control one individual can exert upon another to persuade them to do something that won’t be beneficial for the influenced party. ...
An Appraisal is the evaluation of a real estate property made by a neutral third party expert known as an Appraiser. There are a number of reasons a home Appraisal is done: - ...
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...
Interest computations based only on the original principal. For example, the simple interest on a $100,000, 8% loan is $8,000. It is compared with compound interest which is applied to the ...
(1) Financial ability and soundness of a business or individual to afford the purchase of property. (2) Worth of the dollar in real terms considering inflation. ...
Upper layer of ground. ...
A strong piece of lumber at least two-by-four. It is used for studs and beams to hold a building or structure up. The structure is in effect, attached to, or built onto the structural ...
Have a question or comment?
We're here to help.