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
When you hear a real estate agent talking about a client that's an empty nester, it means said client suffers from empty nest syndrome. But what is Empty nest syndrome? Empty nest ...
Building more than six stories high serviced by elevators. ...
Land subject to an easement. ...
Housing where affirmative action is actively pursued encouraging people of all races, nationalities, and religions to purchase or rent the facilities. ...
Land parcel bounded by two intersecting roadways. ...
The definition of voluntary alienation in real estate is the transfer of the residency rights or deed of a property between two parties without the use of extraneous legal measures. Unlike ...
A loan whereby the lender, in the event of a default, has recourse beyond the collateral pledged to initially secure it. For example, John gave Brian a $50,000 recourse loan using Brian's ...
The definition of net sales price in real estate is the combined total cost to the buyer of a listing, excluding any auxiliary costs such as the sales fee, appraisal fee, real estate agent ...
When someone owns a house that is an abutting property, it means that the property is sharing a boundary with the property next to it. The two abutting properties are adjoining properties ...
Have a question or comment?
We're here to help.