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
Lease agreement having level payments during the contractual period. It does not have an escalation clause to allow for increased costs due to increases in inflation, taxes, or other ...
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Single mortgage or other encumbrance that covers more than one piece of real estate. ...
An insurance policy that promises to pay all the legal obligations of the insured due to negligence in which damage to the property has been caused. ...
Securing lease commitments to a building prior to its being available for occupancy. For example, a developer offers a discounted lease to potential tenants providing they agree to sign a ...
Segregated part of a structure such as an office in an office building or a residence in an apartment house. ...
Occurring two times per year; also called semiannual. On the other hand, biennial means occurring each two years. ...
A Homeowner’s Association (HOA) is an organized group of homeowners in a home subdivision, condominium, or cooperative complex. They come together and found a Homeowner’s ...
Way to obtain a faster decision in a legal case than going to a trial. Procedural rules are followed so there is less time involved in gathering the effects of the dispute and in ...
Have a question or comment?
We're here to help.