Realtytimes.com - What is it and what does it mean for today's homeowners?
The "mortgage interest deduction", or MID, is a way for homeowners to recoup some of the cost associated with interest paid on mortgage loans for qualifying houses (there's a cap), for both equity debt (loans to improve your home) and acquisition debt (loans to build or buy a home).
How much does it save today's homeowners? According to Trulia.com, 38.5 million homeowners (around half) take the mortgage interest deduction. The average mortgage interest tax deduction is $12,200, and a typical benefit for home owners is $3,050 a year.
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