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
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Effective Age is the counterpart to a property’s Actual Age. While the former refers to the date a property was built, the latter is more of a sensorial depiction of its age; the age ...
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