Home mortgage provides array of tax breaks

If you feel better knowing you can deduct the mortgage-interest portion of your huge annual housing expenses, make sure you know exactly how much you can deduct.

One of the more popular topics I've had with accountants this year is regarding mortgage interest. You can deduct only interest on the original amount of the loan at the time you refinance, plus $100,000. For example, let's say you purchased your home 10 years ago for $100,000 and took out a loan for $80,000. Since then, you have paid the loan down to $20,000.

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