How much mortgage interest can I deduct on my primary residence?

You can deduct it all but the benefit is limited to the difference between the standard deduction and the total amount on Schedule A so most likely you won't see a 100% net tax benefit from the deduction unless you have other deductions on Schedule A, like charitable contributions or big medical expenses, etc.How much mortgage interest can I deduct on my primary residence?
Your lender should have sent you a report on the amount of interest you paid for the taxable year. You may deduct all that is on the form.





You may also deduct certain cost in connection with the purchase of your home,normally points paid toward getting your loan and a few other cost. Check with your CPA or tax adviser to find out which are deductible.





I hope this has been of some help to you, good luck.How much mortgage interest can I deduct on my primary residence?
All of it.





Rival