There are elements of your mortgage payment that are tax deductible, namely your mortgage interest and property taxes. Under certain circumstances you may be able to deduct other expenses, but your principal payments on your mortgage are never deductible.
Are Mortgage Payments Tax Deductible?
The world of tax deductions for mortgage interest is constantly evolving. You can take a deduction for the interest on your mortgage, up to $1 million for joint filers, but not for the principal payments. You may also deduct property taxes. Certain rental property expenses are also deductible.accountantvip
No comments:
Post a Comment