For many homeowners, the mortgage interest tax deduction can be a valuable financial benefit—if they qualify. Understanding how it works is key. This deduction allows eligible homeowners to reduce their taxable income by the amount of interest paid on a qualified home loan, often leading to lower tax bills.

However, not everyone can claim it. With recent changes to tax law and a higher standard deduction, fewer homeowners itemize their deductions. Knowing whether this benefit applies to you can help guide smarter financial planning during homeownership.

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REFERENCE:
National Association of REALTORS®. (2025, May 7). Consumer guide: Mortgage interest tax deduction. https://www.nar.realtor/the-facts/consumer-guide-mortgage-interest-tax-deduction
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