Breaking It Down: How Does the Mortgage Interest Deduction Actually Work?

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Breaking It Down: How Does the Mortgage Interest Deduction Actually Work?

The mortgage interest deduction allows homeowners who itemize their taxes to reduce their taxable income by the amount of interest paid on their mortgage within a tax year, thereby potentially lowering their overall tax bill. This article delves into the intricacies of the mortgage interest deduction, including eligibility, limitations, and practical considerations.

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