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  2. Mortgage Interest Deduction: Limits and How It Works - AOL

    www.aol.com/finance/mortgage-interest-deduction...

    To understand how it works, take a look at this mortgage interest deduction example: If you purchase a $400,000 home with a 20% down payment and take out a 30-year, fixed-rate loan with a 7% ...

  3. The mortgage interest deduction could save you thousands on ...

    www.aol.com/finance/mortgage-interest-deduction...

    If you used a cash-out refinance in 2021 to get another $900,000 mortgage, you may be able to deduct the interest you pay on up to $825,000 in debt from your new mortgage—but not the additional ...

  4. Mortgage interest deduction: What it is and what qualifies - AOL

    www.aol.com/finance/mortgage-interest-deduction...

    You’ll have to decide whether it’s better to deduct the mortgage interest by itemizing or taking the standard deduction. The standard deduction for tax year 2023 is $13,850 for single filers ...

  5. Home mortgage interest deduction - Wikipedia

    en.wikipedia.org/wiki/Home_mortgage_interest...

    Because the Tax Cuts and Jobs Act of 2017 increased the standard deduction to a level where far fewer taxpayers itemized their expenses (which is where they deduct mortgage interest), the cost to the federal government of the mortgage interest deduction was decreased by 60%, from approximately $60 billion in 2017 to $25 billion in 2018. [44] [45]

  6. Tax tips for homeowners 2022: Tax credits and breaks - AOL

    www.aol.com/finance/tax-tips-homeowners-2022-tax...

    You don’t even have to itemize to deduct expenses like mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. If you work for someone else as an employee, you can ...

  7. 13 Tax Deductions You Can Take Without Itemizing - AOL

    www.aol.com/finance/13-tax-deductions-without...

    When you file your taxes, you can claim the standard deduction or choose to itemize. However, recent changes in tax law have dramatically reduced the percentage of Americans who itemize. For You:...

  8. What Are Itemized Deductions and How Do They Work? - AOL

    www.aol.com/itemized-deductions-010031837.html

    Mortgage Interest and Points: The deduction for mortgage loan interest is capped at the interest paid on loans of $1 million (for loans originated before Dec. 16, 2017) or $750,000 (for loans ...

  9. Here's one way high mortgage rates are benefiting homeowners

    www.aol.com/finance/heres-one-way-high-mortgage...

    The standard deduction was adjusted up to $27,700 for 2023 taxes, meaning recent homebuyers pass the threshold for itemizing with just their mortgage interest expenses — even before adding other ...