Mortgage Interest Deduction

Definition of "Mortgage interest deduction"

Alex Hohn real estate agent

Written by

Alex Hohnelite badge icon

Palmer House Properties

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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

In the real estate industry, several professional designations can be awarded to real estate professionals. These professional designations provide real estate professionals with the ...

Trademark name for shotcrete. ...

Regular pattern of expansion (recovery) and contraction (recession) in total economic activity surrounding a growth trend, including the impact of economic variables such as employment and ...

Periodic expenditures undertaken to preserve or retain a property's operational status for its originally intended use. These expenditures do not improve or extend the life of the property. ...

The equity in property because of work in it by the buyer or holder which directly increases its value. ...

Representation on a flat surface of any region that depicts the elevation of that region. ...

Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...

Methods of materials used in designing and fabricating a building. ...

Something that is illegal. An example is an unenforceable debt because it has exceeded the statute of limitations. ...

Popular Real Estate Questions