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
Money raised by a syndicate promoter and placed into a fund prior to selecting the specific property in which funds will be invested. ...
Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...
Partial fulfillment. Pro tanto is normally used in relation to the partial satisfaction of a claim. For example, a pro tanto settlement in an eminent domain action will not prejudice any ...
Bottom of a frame such as a window sill. ...
(1) Short-term loan that is made in anticipation of permanent longer term loans. The interest rate on such a loan is usually higher than on longer term loans. (2) A business loan in which ...
Roof design having two different pitches. See also gambrel roof. ...
Legal boundary of property. ...
Capital appreciation financial goals set by a company or an individual over an extended period of time. Long-term capital goals establish a method for achieving the capital goal outcome ...
Low level of land positioned between mountains or hills. ...
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